Pete s father died on January 4 , 2 0 2 3 . The father had owned
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Question:
Petes father died on January The father had owned stock for JUST months bought it on March for $ and the stock was transferred to Pete through his dads estate on January a mere days after Dad died. The stock had more than doubled in value since its purchase! So it was worth $ on January and went up even more to $ on January when Pete actually got the stock. Pete hates stocks so he sold the stock for $ net of commissions, on May and invested $ in a state and local taxfree bond. He used the rest to fund his vacation to Ireland last summer! Now he is getting ready to file that tax return and wants your advice!
What is
the dollar amount that Pete will need to report as gain or loss on the sale of this stock, and
the nature long term or short term? capital gainloss or ordinary incomeloss arising from disposition of this property?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: