Perry Inherits Stock from His Aunt Margaret That Had a Basis

question 13

Essay

Perry inherits stock from his Aunt Margaret that had a basis of $40,000 to Margaret and a fair market value of $54,000 on May 20,2013,the date of her death.Paul sells the stock on June 21,2013 for $65,000.What is the amount and character of the gain or loss on the sale?

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