TX Tax Law Specialist Practice Questions - Texas Board Certified - Tax Law Exam

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An individual sells stock held for 18 months at a $10,000 gain and stock held for 4 months at a $3,000 gain. How is the gain characterized for federal income tax?

$$13,000 long-term capital gain $$13,000 short-term capital gain $$10,000 long-term capital gain and $3,000 short-term capital gain $$13,000 ordinary income

Correct Answer:

$$10,000 long-term capital gain and $3,000 short-term capital gain

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