8. Theresa died on November 2, 2017, when she owned securities with a basis of $125,000 and a FMV of $150,000. Erica inherited the property and sold it on December 19, 2017, for $160,000. What is Erica's reported gain on this sale?

A) $4,000 STCG

B) $5,000 STCG

C) $10,000 STCG

D) $10,000 LTCG

9. Nick, a calendar-year taxpayer, owns 100 shares of Green Corporation stock, which was purchased two years ago for $20,000. Nick sells all 100 shares on December 31, of the current year (2017), for $10,000 and on January 15 (2018), of the following year, purchases 50 shares of Green Corporation stock. Nick's recognized loss will be

A) $0

B) $1,000.

C) $5,000.

D) $10,000.

10. In July of the current year, Esteban began investigating the possibility of opening an engineering company. From July through September, he spent $1,200 on a market survey, $3,400 in consulting fees to find the best location and $4,000 in professional fees setting up an accounting and inventory system. Although he had never run his own business before, on September 1 he opened his doors for business. What is the maximum amount of deduction for the current year attributable to these expenditures?

A) $0

B) $5,000

C) $5,080

D) $8,600