Monte Inherited 1,000 Shares of Corporation Zero Stock from His

question 43

Multiple Choice

Monte inherited 1,000 shares of Corporation Zero stock from his father who died on March 4 of the current year.His father paid $30 per share for the stock on September 2,2005.The FMV of the stock on the date of death was $50 per share.On September 4 this year,the FMV of the stock was $55 per share.The executor did not elect the alternate valuation date.Monte sold the stock for $65 per share on December 3.What is the amount and nature of any gain or loss?

• A)$10,000 LTCG
• B)$35,000 LTCG
• C)$15,000 LTCG
• D)$15,000 STCG