Midterm Exam Question 22 Answer

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Midterm Exam Question 22

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?

  1.   $ 35,000 LTCG
  2. $ 15,000 STCG
  3. $ 15,000 LTCG
  4. $ 10,000 LTCG

 

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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Midterm Exam