On June 1 of the current year, Ben Rork sold 500 shares of Kul Corporation stock. Rork had received this stock on May 1 of the same year as a bequest from the estate of his uncle, who died on March 1 of the current year. His uncle's basis in the stock was $5,000. The value of the stock on March 1 was $7,000. The Value of the stock on May 1 was $6,500. The sales price of the stock on June1 was $6,000. The Value of the stock on August 1 was $8,500. IF his Uncle's executor did elect the alternate valuation date. What is Ben's gain or loss on the 500 shares of stock he sold?

Income Tax