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

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Definitions:

Protons

Positively charged subatomic particles found within the nucleus of an atom, contributing to the atom's mass and charge.

pH Value

A measure of the acidity or alkalinity of a solution, with 7 being neutral, values below 7 acidic, and above 7 alkaline.

NO₂

Nitrogen dioxide, a toxic reddish-brown gas and a significant air pollutant responsible for the formation of smog and acid rain.

Testable Hypothesis

A statement that proposes a relationship between variables that can be supported or refuted through experimentation or observation.