Jordan purchased 50 shares of Walsh Co. stock three years ago for $1,000. Jordan recently gifted the stock to her brother, Colin. On the date of the gift, the stock had a fair market value of $750. Six months after receiving the stock from Jordan, Colin decides to sell the stock. Which of the following statements is correct? Question options: If Colin sells the stock for $700, he will have a long-term capital loss. If Colin sells the stock for $1,100, he will have a short-term capital gain If Colin sells the stock for $675, he will have a short-term capital loss. If Colin sells the stock for $800, he will have a long-term capital gain.
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