Question 26 of 75 Teresa purchased a necklace for $100 in 1965. In 2015, Teresa gave...

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Answer 1

Answer #1

Solution: $1,100 long term capital gain

Explanation: Proceeds from the asset's sale that a person inherit from a decedent often qualify for long-term capital gains category irrespective of how long you and the decedent owned the property. Thus it will a long term capital gain for the amount of $1,100 (=$1,200 - $100)

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