Question 31 0/1 point Two months after Lexie purchased Blackacre for $40,000, she died. The fair market value of Blackacre as of the date of Lexie's death was $42,000. She left Blackacre to her son, Max. Since Max was the only beneficiary of the estate and there were no estate taxes due, the title to the property was transferred to Max within one month of Lexie's death. Two weeks after receiving title to the property, Max sold Blackacre for $45,000. What is the amount and type of income that Max will report on the sale? $2,000 long-term capital gain and $3,000 short-term capital gain. $5,000 long-term capital gain. $3,000 short-term capital gain. $3,000 long-term capital gain. Question 27 0/1 point Joe is a 24% federal income taxpayer. His capital gains rate and qualified dividend rate is 15%. Joe bought 100 shares of ING for $12 per share 10 months ago. ING paid a dividend of $80 during Joe's holding period. Joe just sold all of the stock for $20 per share. What are Joe's tax consequences for the year? $80 taxed at the LTCG rate, $800 taxed at the ordinary income rate. $80 taxed at the ordinary income rate, $800 taxed at the LTCG rate. $720 taxed at the ordinary income rate. $880 taxed at the LTCG rate