Sadie sold 11 shares of stock to her brother, George, for $600 16 months ago. Sadie had purchased the stock for $800 two years earlier. If George sells the stock for $1,000, what are the amount and character of his recognized gain or loss in the current year

$200 long term capital gain

Explanation:

The computation of the amount and character of his recognized gain or loss in the current year is shown below:-

The amount and character of his recognized gain or loss in the current year

= Sold stock - Purchase stock

= $1,000 - $800

= $200 long term capital gain

Therefore we have applied the above formula.

Since it the time period is above 12 months so it would be treated as a long term gain

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