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What was the child recognized gain or loss on the sale

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Problem 1: A parent purchased 300 shares of Zinco stock for $30,000 in Year 1. On May 23, Year 3, the parent sold all the stock to their child for $20,000, its then fair market value. The parent realized no other gain or loss during Year 3. On July 26, Year 3, the child sold the 300 shares of Zinco for $25,000. What was the child's recognized gain or loss on the sale?

A. $0.

B. $5,000 long-term gain.

C. $5,000 short-term loss.

D. $5,000 long-term loss

Reference no: EM132824914

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