Gifts. Jeffrey gave his beloved nephew Adam a ruby on May 1, 2019. Jeffrey found...
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Gifts. Jeffrey gave his beloved nephew Adam a ruby on May 1, 2019. Jeffrey found the ruby in a cave on January 1, 2018, when it was worth $5,000. Jeffrey reported $5,000 gross income in 2018 for this "found property. When he gave it to Adam (May 1, 2019), its value had increased to $5,200. Deeply in debt and needing cash, Adam quickly sold the ruby on June 2, 2019, for $3,000. How much was Adam's capital loss in 2019 and was it long-term or short-term
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