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Rita Died on January 1,2015 Owning an Asset with a FMV

Question 77

Multiple Choice

Rita died on January 1,2015 owning an asset with a FMV of $730,000 that she purchased in 2010 for $600,000.Bert inherited the asset from Rita.When Bert sells the asset for $800,000 on August 20,2015,he must recognize a


A) STCG of $70,000.
B) LTCG of $70,000.
C) STCG of $200,000.
D) LTCG of $200,000.

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