2. On May 15, 2020, Diane received a gift of 100 shares of stock from Fred. Fred had originally purchased the stock in 1991 for $20,000. At the time of the gift, the fair market value of the stock was $50,000. On November 30, 2020, Diane sold the stock for $52,000. What is the amount and character of Diane's recognized gain or loss on the sale?

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.