Rita Died on January 1,2016 Owning an Asset with a FMV

question 103

Multiple Choice

Rita died on January 1,2016 owning an asset with a FMV of $730,000 that she purchased in 2010 for $600,000.Bert inherited the asset from Rita.When Bert sells the asset for $800,000 on August 20,2016,he must recognize a

• A)STCG of $70,000.
• B)LTCG of $70,000.
• C)STCG of $200,000.
• D)LTCG of $200,000.

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Definitions:

Dementias

A group of conditions characterized by impairment of at least two brain functions, such as memory loss and judgment, severely affecting a person's daily life.

Parkinson's Disease

A progressive neurodegenerative disorder characterized by motor symptoms such as tremors, rigidity, and bradykinesia, as well as non-motor symptoms.

ApoE4

A variant of the apolipoprotein E gene, which is a risk factor for Alzheimer's disease and is associated with higher cholesterol levels.

Alzheimer's Disease

A progressive neurological disorder that causes memory loss, cognitive decline, and ultimately, loss of ability to carry out simple tasks.