Problem
The Federal Express stock was a gift to Nicholas from his Uncle Frank.
On the date of the gift July 1, 2003), the fair market value of the stock was $3,500. Uncle Frank's tax basis was $2,500, and he paid gift tax of $1,400 on the gift.
Assuming that Nicholas and Whitney decide to sell the Federal Express stock on January 15, 2022, for a total price of $7,029, what is the long term capital gain that will be taxed on the sale?