Multiple Choice
Anike received property as part of an inheritance from her father who passed away on March 10,2017.Her father purchased the property on July 3,2016,for $156,000.Anike sold the property on June 30,2017,for $168,000.At the date of his death the property had a FMV of $154,000.What gain,if any,will Anike pick up on her return for 2017?
A) no gain is recognized on the sale of property sold within 1 year of inheritance.
B) $3,000 long-term gain.
C) $14,000 short-term gain.
D) $14,000 long-term gain.
Correct Answer:
Verified
Correct Answer:
Verified
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