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Matt inherits 125 shares of Chess Corporation stock from his father. The stock cost his father $7,000 and had a $11,000 FMV on the date
Matt inherits 125 shares of Chess Corporation stock from his father. The stock cost his father $7,000 and had a $11,000 FMV on the date of his father's death in 2018. The alternate valuation date was not elected. If Matt sells the Chess Corporation stock for $12,400, what would be his taxable gain on the sale? (Taxable gain = Proceeds of sale - Tax basis of stock sold)
Matt's taxable gain on the sale of Chess stock is
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