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Business, 06.10.2019 08:30 Bassoonist

On february 1, year 5, hall learned that he was bequeathed 500 shares of common stock under his father’s will. hall’s father had paid $2,500 for the stock in year 1. fair market value of the stock on february 1, year 5, the date of his father’s death, was $4,000 and had increased to $5,500 6 months later. the executor of the estate elected the alternate valuation date for estate tax purposes. hall sold the stock for $4,500 on june 1, year 5, the date that the executor distributed the stock to him. how much income should hall include in his year 5 individual income tax return for the inheritance of the 500 shares of stock that he received from his father’s estate?

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On february 1, year 5, hall learned that he was bequeathed 500 shares of common stock under his fath...
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