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:

Transcendence

The act of going beyond the limits of ordinary experience, often in a spiritual or existential sense.

Metamotives

Metamotives refer to higher-order motivations that transcend basic physiological needs, often related to self-actualization and the pursuit of meaning.

Free Will

The concept that humans have the capability to make choices independently of any preexisting conditions or determinants.

Determinism

The philosophical belief that all events, including human actions, are ultimately determined by causes external to the will.