This problem has been solved! See the answer In April 2021, Anna gave 1,000 shares of stock to Knox.

This problem has been solved! See the answer In April 2021, Anna gave 1,000 shares of stock to Knox.
  This problem has been solved!   See the answer In April 2021, Anna gave 1,000 shares of stock to Knox as a gift. The fair market value of the stock on the date of gift was $12 per share. Anna had originally purchased the stock five years ago for $16 per share.   What amount of gain or loss will Knox recognize on the sale of his shares on December 31, 2021 if he sells them for $9 per share?   A. No gain or loss   B. $3,000 loss   C. $4,000 loss   D. $7,000   E. $8,000   In 2019, Pamela purchased a commercial sewing machine for use in her children’s clothing business for $20,000. In 2021, she sold the machine for $15,000. Between the date of purchase and date of sale, Pamela depreciated the sewing machine by $6,000. What is the amount and character of Pamela’s gain?   A. $1,000 Section 1231 gain   B. $1,000 Section 1245 gain   C. $6,000 Section 1231 gain   D. $6,000 Section 1245 gain May 16 2022 03:11 PM

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