Anike Received Property as Part of an Inheritance from Her

question 58

Multiple Choice

Anike received property as part of an inheritance from her father who passed away on March 10,2017.Her father purchased the property on July 3,2016,for $156,000.Anike sold the property on June 30,2017,for $168,000.At the date of his death the property had a FMV of $154,000.What gain,if any,will Anike pick up on her return for 2017?

• A)no gain is recognized on the sale of property sold within 1 year of inheritance.
• B)$3,000 long-term gain.
• C)$14,000 short-term gain.
• D)$14,000 long-term gain.

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Definitions:

Arithmetic Operations

Core math functions consisting of addition, subtraction, multiplication, and division.

Arithmetic Operations

Fundamental mathematical processes including addition, subtraction, multiplication, and division.

Arithmetic Operations

Core math functions that consist of addition, subtraction, multiplication, and division.

Exponential Notation

A mathematical way to write numbers using bases and exponents, often used to express very large or small numbers succinctly.