Andrew inherited stock from his grandmother in the current year. His grandmother had a basis in the stock of $5,000 and the stock was valued at $25,000 at the date of her death. The value of the stock was $28,000 when he actually received the stock. He sold the stock 4 months after receiving it for $29,000. Assuming the alternative valuation date was not used, what is Andrew's basis in the stock?

a. S29,000

b. 528,000

c. $25,000

d. $5,000

Answer rating: 100% (QA)

In the case of inheritance of the stock from their family the basis in ... View the full answer