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Agnes passes away in 2022 and leaves her daughter, Sam, 100 shares of stock. Agnes purchased the stock for $1,000

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Agnes passes away in 2022 and leaves her daughter, Sam, 100 shares of stock. Agnes purchased the stock for $1,000 over twenty-five years ago. It was worth $10,000 on the date of Agnes’ death. Sam sells the stock a short time later for $10,500. What is the basis of the stock for computing Sam’s realized gain or loss?

a. $1,000

b. $10,000

c. $10,500

d. Some other amount

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Income Tax Fundamentals 2023

Income Tax Fundamentals 2023

ISBN: 9780357719527

41st Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Details
Chapter # 4
Section: Multiple Choice Questions
Problem: 7
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Question Posted: February 28, 2023 05:27:35
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