Bob inherited 1,000 shares of ABC stock from his mother. His mother bought the shares for $3,000 ten years ago. The fair market value of the shares on the date of his mother's death was $25,000 (no estate tax return needs to be filed). He sold the shares in the current year for $28,500. What is the basis of the ABC stock that Bob inherited from his mother?

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Answer When someone inherits property such as stocks the tax basis of the inherit... View the full answer