Shen purchased corporate stock for $20,000 on April 10, 2017. On July 14, 2019, when the stock was worth $12,000, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $14,200 on November 12, 2019. What is the amount and character of Mijo’s gain or loss?

$2,200

Explanation:

Given that,

Purchased stock on April 10, 2017 = $20,000

Selling value of stock = $14,200

Value of stock on July 14, 2019 = $12,000

For calculating the gain or loss, we need to consider the date of the inheritance and the worth on that date:

Therefore,

The amount and character of Mijo's gain or loss is as follows:

= Selling value of stock - value of stock on July 14, 2019

= $14,200 - $12,000

= $2,200

It is a long term gain because of the special provisions of holding period is applicable.

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