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:

Slavery

The condition in which individuals are owned by others, who control where they live and at what they work.

Public Life

Activities or roles held in the public sphere, outside of the private domain, involving governance, policy-making, or civic engagement.

Revolution

A fundamental and often sudden change in political power and political organization, usually occurring when the population revolts against current authorities.

Owen

Robert Owen was a Welsh textile manufacturer, philanthropic social reformer, and one of the founders of utopian socialism and the cooperative movement.