Clay purchased Elm Corporation stock 20 years ago for $10,000. In the current year, he sells the stock for $29,000. What is Clay's gain or loss?
A) $19,000 long-term
B) $19,000 short-term
C) $19,000 ordinary
D) $3,000, with the excess carried forward
E) No gain or loss is recognized on this transaction
Correct Answer:
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