Roger inherited 100 shares of Periwinkle stock when his mother, Emily, died. Emily had acquired the stock

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Roger inherited 100 shares of Periwinkle stock when his mother, Emily, died. Emily had acquired the stock for a total of $60,000 on November 15, 2011. She died on August 10, 2015, and the shares were worth a total of $55,000 at that time. Roger sold the shares for $36,000 on December 22, 2015. How much gain or loss does Roger recognize? What is the nature of that gain or loss?

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South Western Federal Taxation 2016 Individual Income Taxes

ISBN: 9781305393301

39th Edition

Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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