George sold some stocks in 2018

Accounting Jan 16, 2021

George sold some stocks in 2018. Which of the following is a long-term capital gain/loss?

Property Date Purchased Date Sold

a) ABC Company May 15, 2017 January 16, 2018

b) XYZ Company February 12, 2017 February 12, 2018

c) SB Company January 15, 2017 January 16, 2018

d) TT Company August 1, 2017 July 31, 2018

Expert Solution

The correct option is C "SB Company January 15, 2017 January 16, 2018". Long term capital gain or loss recognized when holding period of stock is more than 1 year. So, In this case, Holding period of SB Company sold stock is more than 1 year (From January 15, 2017 January 16, 2018).

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote