Terry receives investment property from her mother as a gift in 2016.Her mother paid $15,000 for the property in 2011,and it is valued at $18,000 on the date of the gift.Terry sells the property eight months later for $16,000.Terry's gain or loss is
A) Short-term ordinary loss.
B) Short-term capital gain.
C) Short-term capital loss.
D) Long-term ordinary gain.
E) Long-term capital gain.
Correct Answer:
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