37. Your Uncle Max Moneybags gave you a gift of Google stock wor gave you a gift of Google stock worth $25,000 on December 15, 2019. He bought on November 20 2019 for $10.000. You can Uncle Max and held on to the stock. As a result of receiving the g you must report the following amount of income on your Form 1040
A. Zero B. $5,000 C. $20,000 D. $10,000 E. $25,000
38. Instead of holding the stock in the above question, you sold the stock on December 31, 2019 for $30,000. As a result of the sale you must report the following amount of income on your Form 1040
A Zero B. $5,000 C. $20,000 D. $10,000 E. $25,000
39. You will treat the transaction on the previous question your personal Form 1040 as.
A. Non-taxable B. Long Term Capital Gain C. Short Term Capital gain D. Return of Capital E. Dividend income.