1. Your grandmother leaves you 100 shares of Apple stock as an inheritance. She purchased the stock years ago for $5,000. On the date of her death, the shares were trading at $117 per share for a total value of $11,700. How much gross income must you report on your tax return upon receipt of this inheritance?

0 3,750 7,500 2. Your grandmother leaves you 100 shares of Apple stock as an inheritance. She purchased the stock years ago for $5,000. On the date of her death, the shares were trading at $117 per share for a total value of $11,700. You hold the shares for two years before selling the shares for $15,000. How much gross income must you report on your tax return when you sell the shares?

$0 $10,000 $3,300 $15,000