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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South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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