Margaret Died on September 16,2016,when She Owned Securities with a Basis

question 6

Multiple Choice

Margaret died on September 16,2016,when she owned securities with a basis of $50,000 and a FMV of $60,000.Caroline inherited the property and sold it on December 19,2016 for $67,000.What is Caroline's reported gain on this sale?

• A)$7,000 STCG
• B)$7,000 LTCG
• C)$17,000 STCG
• D)$17,000 LTCG

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Definitions:

Bailment

The act of temporarily placing control over, or possession of, personal property by one person into the hands of another, under agreement.

Reasonable Care

A legal standard implying that a person or entity should act with the caution and prudence that a reasonable person would use in similar circumstances.

Conditional Gift

A gift given with specific conditions attached, which must be fulfilled for the gift to be fully transferred to the recipient.

Engagement

A formal agreement to get married or, in business, the act of hiring services or establishing a professional relationship.