Roger inherited 100 shares of Periwinkle stock when his mother, Emily, died. Emily had acquired the stock
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Roger inherited 100 shares of Periwinkle stock when his mother, Emily, died. Emily had acquired the stock for a total of $60,000 on November 15, 2018. She died on August 10, 2022, and the shares were worth a total of $55,000 at that time. Roger sold the shares for $36,000 on December 22, 2022. How much gain or loss does Roger recognize? What is the nature of that gain or loss?
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Roger has an adjusted basis equal to the 55000 fair market value of the ...View the full answer
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