Nancy Newly died on February 16, 2012, leaving Johnson Corporation stock to her son, John. Nancy purchased the stock for $30,000 on November 22, 2011, and the fair market value on the date of her death was $38,000. John received the stock on April 26, 2012, when the value was $43,000. On June 23, 2012, John sold the stock for $44,000. Does he have short-term or long-term capital gain or loss and how much?

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The Answer of Nancy Newly died on February 16, 2012, leaving Johnson Corporation stock to her son, John. Nancy purchased the stock for $30,000 on November 22, 2011, and the fair market value on the date of her death was $38,000. John received the stock on April 26, 2012, when the value was $43,000. On June 23, 2012, John sold the stock for $44,000. Does he have short-term or long-term capital gain or loss and how much?

Nancy Newly Died on February 16, 2012, Leaving Johnson Corporation