What are the tax consequences for dana, Taxation

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What are the tax consequences for dana

Problem

On April 2, 2013, Molly purchased a sapphire necklace for $10,000. On June 20, 2021 Molly gives the necklace to her daughter, Dana, as a birthday present when the fair market value of the necklace is $20,000. Dana sells the necklace to a friend for $15,000 on July 5, 2021. What are the tax consequences for Dana?

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