An Office Manager uses a Periodic Review Inventory System: they check the inventory in the Office Supply Closet once every 10 da
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Answer: Jill earned a profit of $3000 on selling the shares she inherited. Since she sold the shares after holding it for more than one year (12 months), she should report the income as a long-term capital gain on her income tax return.
After her mother's death, Jill will inherit the 100 shares if Gotech inc at the fair market at the time of inheritance - 21st October 2015.
Her gain upon selling the shares on June 3 2018 is
Jill held on to shares for a little less than two years and eight months after inheriting them before she decided to sell.