Janet received stock worth $4,000 at the time it was gifted to her by her father. The father had acquired the stock several years earlier for $2,200. The father paid no gift tax on the transfer to Janet. Janet sells the stock for $6,600 two months after receiving it. What is the nature and amount of Janet's gain or loss?

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The Answer of Janet received stock worth $4,000 at the time it was gifted to her by her father. The father had acquired the stock several years earlier for $2,200. The father paid no gift tax on the transfer to Janet. Janet sells the stock for $6,600 two months after receiving it. What is the nature and amount of Janet's gain or loss?

Janet Received Stock Worth $4,000 at the Time It Was