Harold Jeffries inherited 1000 shares of stock in the current tax year from his great...
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Accounting
Harold Jeffries inherited 1000 shares of stock in the current tax year from his great uncle, who purchased the stock two months before his death. Nine months later, Jeffries sells the stock at a gain. Which of the following best describes the reason for the holding. Jeffries will use for the inherited stock when he reports the gain on his tax return ?
a. Because he held the stock nine months, Jeffries gain is short term
b. The gain is short term because Jeffries uncle only held the shares for two months before he died
c. Jeffries gain is a long-term capital game because he inherited the stock
d. Gains and losses on inherited property are not reported on the Donees tax return
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