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What is anne marie gain when sells the shares

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Problem 1: On graduation day, Grandpa gives Anne Marie 500 shares of Cooperstown Corporation as a gift. The shares are selling for $30 per share on the date of the gift (a fair market value of $15,000). Grandpa paid $4,000 for them ten years earlier. Assuming that there isn't any gift tax, what is Anne Marie's gain when she sells the shares for $18,000?

Group of answer choices

Option 1: $18,000
Option 2: $0
Option 3: $3,000
Option 4: $14,000

Reference no: EM132966028

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