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Apply Capital Gain And Loss Rules Practice Test
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Q1
In 2025, Henry Adams (single) sells an inherited bond fund on April 1, 2025 for $25,000. He inherited it from his aunt who died on January 10, 2025, when the fund’s fair market value was $23,000; the aunt’s basis was $30,000. Henry has no other capital transactions. What is the taxpayer's net capital gain, applying the step-up (or step-down) in basis and inherited holding period rules?
In 2025, Henry Adams (single) sells an inherited bond fund on April 1, 2025 for $25,000. He inherited it from his aunt who died on January 10, 2025, when the fund’s fair market value was $23,000; the aunt’s basis was $30,000. Henry has no other capital transactions. What is the taxpayer's net capital gain, applying the step-up (or step-down) in basis and inherited holding period rules?