Sheila inherited 300 shares of stock, 100 shares of Magenta and 200 shares of Purple.  She has a stockbroker sell the shares for her, uses the proceeds for personal expenses, and thinks nothing further about the transaction.  What issue does she face when she prepares her Federal income tax return?

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Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.