Andrew inherited stock from his grandmother in the current year. His grandmother had a basis in the
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Andrew inherited stock from his grandmother in the current year. His grandmother had a basis in the stock of $5,000 and the stock was valued at $25,000 at the date of her death. The value of the stock was $28,000 when he actually received the stock. He sold the stock 4 months after receiving it for $29,000. Assuming the alternative valuation date was not used, what is Andrew's basis in the stock?
a. S29,000
b. 528,000
c. $25,000
d. $5,000
Related Book For
Principles of Taxation for Business and Investment Planning 2016 Edition
ISBN: 9781259549250
19th edition
Authors: Sally Jones, Shelley Rhoades Catanach
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