Solved: Short-term capital gain as a result of the transaction, Finance Basics

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Short-term capital gain as a result of the transaction

Question:

In August 2007, John Titus bought 200 shares of a listed stock for $25,000. In September 2007, Titus sold this stock for its fair market value of $28,000 to the partnership of Black, Blue, and Titus. Titus had a one-third interest in this partnership. In Titus' 2007 tax return, what amount should be reported as short-term capital gain as a result of this transaction?

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Finance Basics: Short-term capital gain as a result of the transaction

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