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# Carol had land that she bought in 1999, with a basis of \$100,000. She dies and leaves it to Vinny when it is worth \$250,000. Which statement is true?...

Carol had land that she bought in 1999, with a basis of \$100,000. She dies and leaves it to Vinny when it is worth \$250,000. Which statement is true?

If Vinny sells it immediately for \$250,000 upon receiving it, he will have a long-term gain of \$150,000.

If Vinny sells it immediately for \$250,000 upon receiving it, he will have a short-term gain of \$150,000.

If Vinny sells it immediately for \$250,000 upon receiving it, he will have no gain or loss.

If Vinny sells it 6 months after receiving it for \$300,000, he will have a short-term gain of \$50,000.

Answer is If Vinny sells it immediately for... View the full answer

If Vinny sells it immediately for... View the full answer

1 comment
• Rererence :- https://finance.zacks.com/need-pay-capital-gains-tax-inherited-property-sold-1749.html
• Zain.Rajani
• Aug 08, 2018 at 9:10pm

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