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How much income must Nadyne include in her tax return

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Problem - On January 25, year 10, Mother Hall gave her daughter, Nadyne, 500 shares of common stock of XYZ, Corp. The fair market value of the stock on January 25 was $2,000. Mother Hall had paid $4,000 for the stock three years earlier. Nadyne decided a month after receiving the stock that she doesn't want to hold it and sold it for $1,000, the fair market value at the time of the sale. How much income (loss) must Nadyne include in her tax return for year 10 in regards to the sale of the stock?

a. $0

b. ($1,000)

c. ($2,000)

d. ($3,000)

Reference no: EM132670564

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