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What is alfonso gain on the sale of the stock

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Reference no: EM132736681

Problem 1: Alfonso receives 40 shares of Unscrambled, Inc. from Kanye as a gift. Kanye's basis in the stock $57,000 and the FMV on the date of the gift is $52,000. Two years later, Alfonso sells all of the stock for $54,000. What is Alfonso's gain/(loss) on the sale of the stock?

Group of answer choices

Option 1: $0 gain or loss

Option 2: $3,000 loss

Option 3: $2,000 loss

Option 4: $2,000 gain

Reference no: EM132736681

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