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Inheritances. Jonathon's mother Emma passed away on March 3, 2018, and Jonathon inherited an antique...

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Inheritances. Jonathon's mother Emma passed away on March 3, 2018, and Jonathon inherited an antique piano that had been in the family for generations. Nobody in the family knows how much was originally paid for the piano. Emma had the piano fully restored in 2008, but she did not keep records of the restoration costs. An appraiser determined that the value of the piano on March 3, 2018, was $15,500. On January 15, 2019, Jonathon found an especially avid collector of pianos who offered to pay him $19,000 for the piano. Jonathon took the offer. How much capital gain must Jonathon report in 2019 and is it long- term or short-term? $19,000 short-term capital gain $3,500 short-term capital gain $19,000 long-term capital gain $3,500 long-term capital gain

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