Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. monte inherited 1,000 shares of corporation zero s

Monte inherited 1,000 shares of Corporation Zero stock from his father who died on March...

90.2K

Verified Solution

Question

Accounting

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? (Points : 4)

$ 10,000 LTCG $ 10,000 STCG $ 15,000 LTCG $ 15,000 STCG

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What are neural networks, and how do neural networks relate to localized and global brain functioning?...

Medical Sciences
Q

A patient with basel cell carionma has palisade patterning in his biopsy. What would be the...

Medical Sciences
Q

2) A 55-year-old woman asks you (because you did EXB110 and you are the expert) to...

Medical Sciences
Q

Consider a head-on, elastic collision between a massless photon (momentum po and energy Eo ) and...

Physics
Q

The pure expectations theory, or the expectations hypothesis, asserts that long-term interest rates can be used...

Finance
Q

36 Consider the situation shown in the figure The capacitor A has a charge q...

Physics
Q

On November 1, 2022,...

Accounting
Q

3. Which of the following statements is true? (a) A hard shutdown of a computer...

Accounting
Q

! Required information [The following information applies to the questions displayed below.] ...

Accounting
Q

Ivanhoe Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour...

Accounting
Q

William Brown has invested $360000 in a privately held family corporation. The corporation does not...

Accounting
Q

Which of these is an example of transferring money through an hawala? Group of answer...

Finance