Based on United States Federal taxes

QUESTION 9 In 2021, Emma's stock sales resulted in the following: $5,000 of long-term capital gains: ($12,000) of long term capital losses: $8,000 of short-term capital gains; and ($22,000) of short-term capital losses. What will the tax results be? Emma will deduct a total of $21,000 in losses in 2021. Emma will deduct $3,000 of losses in 2021, and carry forward $18,000 of losses into 2022 as long-term capital losses. Emma will deduct $3,000 of losses in 2021, and carry forward $7,000 of losses into 2022 as long-term capital losses, and carry $11,000 of losses into 2022 as short-term capital losses. Emma will deduct $3,000 of losses in 2021, and carry forward $4,000 of losses into 2022 as long-term capital losses, and carry $14,000 of losses into 2022 as short-term capital losses. QUESTION 10 Alex bought stock in Bluebird, Inc., in 1994 for $25,000. He died on March 22, 2021 when the stock was worth $150,000. He left the stock to his son Billy in his will. On Sept. 22, 2021, the stock was worth $140,000. It was distributed to Billy by the estate in November when it was worth $138,000. What will Billy's basis in the stock be? (Note: the "alternate valuation election" was not made.) $25,000 O $138,000. $140,000. $150,000