Rosie inherits 1,000 shares of Northern Skies Airline Corporation stock from the estate of her Uncle Tony.Tony died on July 2,2013.The stock's value on July 2,2013,is $4,000.Tony's basis in the stock was $3,000.The stock has a fair market vale of $7,000 on October 1,2013,when it is transferred to her.Rosie sells the stock October 11,2014.What is Rosie's basis in the stock?
A) $ - 0 -
B) $1,000
C) $3,000
D) $4,000
E) $7,000
Correct Answer:
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