Anike Received Property as Part of an Inheritance from Her

question 62

Multiple Choice

Anike received property as part of an inheritance from her father who passed away on March 10,2014.The property was purchased by her father on July 3,2013,for $146,000.Anike sold the property on June 30,2014,for $158,000.At the date of his death the property had a FMV of $144,000.What gain,if any,will Anike pick up on her return for 2014?

• 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:

Hunting and Gathering

A traditional subsistence strategy based on the procurement of food by hunting animals and foraging for plants.

Subsistence System

A means by which a society obtains its food and other necessities for survival, often based on hunting, gathering, farming, or herding.

Cultural Changes

Transformations in the beliefs, practices, customs, and values of a society or community over time.

Biological Changes

Alterations in the genetics or physiology of living organisms, which can be caused by environmental factors, adaptation, or evolutionary processes.