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Determine how much long-term capital gain or loss

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Problem 1: Tim was left stock from GPS Corporation from his dead mother Katherine Sanderson who died on February 16, 2018. Katherine purchased the stock for $30,000 on November 22, 2017, and the fair market value on the date of her death was $38,000. Tim received the stock on April 26, 2018, when the value was $43,000.

Question 1: On June 23, 2018, Tim sold the stock for $44,000. Does he have short-term or long-term capital gain or loss and how much?

Reference no: EM132467871

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