Realize long-term capital gain

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Reference no: EM131202917

Tanya gave her nephew, Liam, 100 shares of Bridge Corporation stock that she purchased 6 months ago for $10,000. At the time of the gift, the fair market value of the stock was $12,000. Which of the following statements concerning the stock is correct? If Tanya sold the stock, she would have realized a long- term capital gain. Liam's basis in the stock is $10,000. Liam's basis in the stock is $12,000. If Liam sells the stock immediately after the gift, he will realize a long-term capital gain.

$5,000 short-term capital gain.

$5,000 long-term capital gain.

$3,000 short-term capital gain.

$3,000 long-term capital gain.

Reference no: EM131202917

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