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on this date he sold the stock to his son william for 7 000 william sold the stock f 624704

On May 1, 2007, Daniel Wright owned stock (held for investment) purchased two years earlier at a cost of $10,000 and having a fair market value of $7,000. On this date he sold the stock to his son, William, for $7,000. William sold the stock for $6,000 to an unrelated person on July 1, 2007. How should William report the stock sale on his 2007 tax return?

  1. As a short-term capital loss of $1,000.
  2. As a long-term capital loss of $1,000.
  3. As a short-term capital loss of $4,000.
  4. As a long-term capital loss of $4,000.

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