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Brian inherits 250 shares of Clap Corporation stock from his father. The stock cost his father $10,500 and had a $8,500 FMV on the date
Brian inherits 250 shares of Clap Corporation stock from his father. The stock cost his father
$10,500 and had a $8,500 FMV on the date of his father's death in 2015.The alternate valuation
date was not elected. Brians tax basis in the Clap Corporation stock is $8,500
Brian holds the stock for one month and then sells it on the open market for $20,000. Brian has a_______________ gain of $_____.
A.Short-term , 9,500
B.Short-term , 11,500
C.Long-term, 9,500
D.Long-term, 11,500
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