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On July 25, 2016, Karen gives stock with a FMV of $7,500 and a basis...

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Accounting

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On July 25, 2016, Karen gives stock with a FMV of $7,500 and a basis of $8,000 to her nephew Bill. Karen had purchased the stock on March 18, 2016. Bill sold the stock on April 18, 2017 for $6,000. As a result of the sale, what must Bill report on his 2017 tax return? A. $1,500 STCL B. $1,500 LTCL C. $2,000 STCL D.$2,000 LTCL

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