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Norman received shares of stock as a gift from his uncle in 2014. At the...

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Accounting

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Norman received shares of stock as a gift from his uncle in 2014. At the time of the gift, the stock had a FMV of $5,000. The uncle purchased the stock in 2012 and had a basis of $6,000. If Norman sells the stock for $7,000 in 2016, he will report a O $1,000 ordinary gain. O $1,000 capital gain. O $2,000 ordinary gain. O $2,000 capltal galn

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