Your Uncle Bob owned 5,00 shares of Apple Corp that he purchased for $75,000 in 1999. He
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Your Uncle Bob owned 5,00 shares of Apple Corp that he purchased for $75,000 in 1999. He recently passed away and you inherited the shares. On the date of his death the shares were worth $600,000. His estate paid $10 million in estate tax and $200,000 was attributable to the Apple stock. Six months after you inhert the stock you sell it for $625,000.
What is the amount gain/loss in this transaction? Is the gain/loss long term or short term?
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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