leo purchased 600 shares of stock on December 20, 2017 for $5,200. Leo died on January 8, 2018 and less son, sal inherited the 600 shares. the fair market value of the shares on January 8, 2018. was $6,000. the fair market value of the shares on July , 2018 was $5,000. Leos estate properly made an alternative valuation date election. Sal sold the 600 shares on September 22, 2018 for 5,800. what is the amount and character (short term or long term) of sals gain?

Answer rating: 100% (QA)

Solution Answer 800 Leo purchased 600 shares of stock on 20 Dec 2017 at 5200 Leo died on Jan 8 2018 ... View the full answer