Anlke recelved property as part of an Inherltance from her father who passed awa

Question

Anlke recelved property as part of an Inherltance from her father who passed away on March 10, 2016. Her father purchased the property on July 3, 2015, for $156,000. Anike sold the property on June 30, 2016, for $168,000. At the date of his death the property had a FMV of $154,000. What gain, if any, will Anike pick up on her return for 2016? O no gain is recognized on the sale of property sold within 1 year of inheritance O $3,000 long-term gain O $14,000 short-term gain. O $14,000 long-term gain

Explanation / Answer

Long term capital gain in hands of Anike = Sales price - Fair market value of Property (FMV)

= $ 168000 - $ 154000

= $ 14000

Ans $ 14000 long term gain

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