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Does josh have short term or long term gain or loss

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Problem 1: Tim Shore purchased Lewis Corp stock on March 18, 2017 and on December 23,2017, he gave the stock to his son Josh. He paid $12000 for the stock and the fair market value at the time of the gift was $13000.

Question 1: On October 14, 2018. Josh sold the stock for $14500. Does Josh have short term or long term gain or loss and how much?

Reference no: EM132467870

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