Tax Drill - Holding Period Shen purchased corporate stock for $20,000 on April 10, 2017. On...
Tax Drill - Holding Period
Shen purchased corporate stock for $20,000 on April 10, 2017. On July 14, 2019, when the stock was worth $12,000, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $14,200 on November 12, 2019.
What is the amount and character of Mijo's gain or loss?
$____ _______ (STCG/STCL/LTGC/LTCL).
Homework Answers
Answer - The amount of gain would be $2200 and it is long term capital gain.
Sold at $14200
Worth for $12000
Gain = $14200 - $12000 = $2200
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Tax Drill - Holding Period
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