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Sonya inherits shares of Big Red Airline Corporation stock from the estate of her Uncle Tony. Tony died on August 4, 2021. The stock's fair
Sonya inherits shares of Big Red Airline Corporation stock from the estate of her Uncle Tony. Tony died on August 4, 2021. The stock's fair market value on date of death is $2,000. Tony purchased the stock for $3,000 on August 2, 2021. Sonya sells the shares for $2,300 on December 8, 2021. What are the tax consequences for Sonya? Sonya has short-term loss of ($700). Sonya has a short-term gain of $300. Sonya has a long-term gain of $300. Sonya has a long-term loss of ($700)
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