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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.

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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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