Rita died on January 1,2015 owning an asset with a FMV of $730,000 that she purchased in 2010 for $600,000.Bert inherited the asset from Rita.When Bert sells the asset for $800,000 on August 20,2015,he must recognize a
A)STCG of $70,000.
B)LTCG of $70,000.
C)STCG of $200,000.
D)LTCG of $200,000.

Question

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The Answer of Rita died on January 1,2015 owning an asset with a FMV of $730,000 that she purchased in 2010 for $600,000.Bert inherited the asset from Rita.When Bert sells the asset for $800,000 on August 20,2015,he must recognize a
A)STCG of $70,000.
B)LTCG of $70,000.
C)STCG of $200,000.
D)LTCG of $200,000.

Rita Died on January 1,2015 Owning an Asset with a FMV