On January 15, 2021, Pilot Tom Stone inherited 100 shares of QuartzGem, Inc. from his father Jerry. The basis for these 100 shares is $20 per share (as stepped-up basis at date of death). On January 2, 2022, Pilot Tom purchased another 100 shares of QuartzGem, Inc., an S corporation, for $10 per share. Assume the S corporation operated at breakeven net income for all years and the adjusted basis in all shares remains the same as above. On July 1, 2023, Tom sells the 100 shares he inherited from his father's estate for $17. Which one of the following statements is CORRECT? 

Tom would report a long-term capital gain of $7 per share. 

Tom would report a long-term capital gain of $10 per share. 

Tom would report a long-term capital gain of $2 per share. 

Tom would report a long-term capital loss of $3 per share

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