Margaret Died on September 16,2019,when She Owned Securities with a Basis

question 19

Multiple Choice

Margaret died on September 16,2019,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 19,2019 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:

Buyers And Sellers

Parties involved in the exchange of goods and services, where one provides the product and the other provides compensation.

Transaction Costs

Expenses incurred when buying or selling goods and services, which can include fees, taxes, and other costs associated with the exchange.

Exchange Broker

A person or entity that serves as an intermediary between buyers and sellers in financial markets, facilitating trades.

Trades

Exchanges of goods, services, or financial assets between individuals, businesses, or countries.