Virginia gave stock with an adjusted basis of $8,000 and an FMV of $10,000 to Carmen. No gift tax was paid on the transfer. Carmen then sold the stock for $9,000. The gain or loss Carmen will recognize on the sale is
A) $2,000 gain.
B) $1,000 gain.
C) $1,000 loss.
D) none of the above
B) $1,000 gain.
$9,000 - $8,000 = $1,000 gain
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