Your Uncle Bob owned 5,00 shares of Apple Corp that he purchased for $75,000 in 1999. He recently passed away and you inherited the shares. On the date of his death the shares were worth $600,000. His estate paid $10 million in estate tax and $200,000 was attributable to the Apple stock. Six months after you inhert the stock you sell it for $625,000. 

What is the amount gain/loss in this transaction? Is the gain/loss long term or short term?

Answer rating: 100% (QA)

To calculate the gain or loss on the sale of the Apple stock we need to first d... View the full answer