Anike Received Property as Part of an Inheritance from Her

question 108

Multiple Choice

Anike received property as part of an inheritance from her father who passed away on March 10,2016.Her father purchased the property on July 3,2015,for $156,000.Anike sold the property on June 30,2016,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 2016?

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

---

Definitions:

Optic Nerve

The optic nerve is a crucial part of the visual system, transmitting visual information from the retina to the brain.

Young-Helmholtz Theory

A theory of color vision that proposes three types of color receptors in the eye, responsible for the perception of red, green, and blue.

Fovea

A small depression in the retina of the eye where visual acuity is highest due to the high concentration of cones, which are responsible for color vision.

Visual Sensitivity

The ability of the visual system to detect and respond to small differences or changes in the visual environment.