Majoo inherited property from his uncle on August 15, 2015. His uncle purchased the property on December 10, 2013 for $100,000. At the date of his death, the property's FMV was $102,000. Majoo sold the property on September 30, 2015 for $105,000.
a. What is the gain on the sale of the property?
b. What is the nature of the gain?

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The Answer of Majoo inherited property from his uncle on August 15, 2015. His uncle purchased the property on December 10, 2013 for $100,000. At the date of his death, the property's FMV was $102,000. Majoo sold the property on September 30, 2015 for $105,000.
a. What is the gain on the sale of the property?
b. What is the nature of the gain?

Majoo Inherited Property from His Uncle on August 15, 2015