Answer:
$2,200
Explanation:
Given that,
Purchased stock on April 10, 2017 = $20,000
Selling value of stock = $14,200
Value of stock on July 14, 2019 = $12,000
For calculating the gain or loss, we need to consider the date of the inheritance and the worth on that date:
Therefore,
The amount and character of Mijo's gain or loss is as follows:
= Selling value of stock - value of stock on July 14, 2019
= $14,200 - $12,000
= $2,200
It is a long term gain because of the special provisions of holding period is applicable.
