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[[If I inherit 300 shares of a stock that was originally purchased at 8.67 per share and sell it within a
month of receiving the gift at 68 5/8, what is the tax liability assuming the 28% tax bracket?]]

Generally, stock that you receive via inheritance receives a "step up" in basis. This means that your basis for gain/loss purposes is the FMV of the shares on the date of death of the decedent.

In addition, shares that you receive from a decedent automatically receive a "more than 18 month" holding period, no matter how long you actually hold the shares.

So it is important that you contact the executor/administrator of the estate of the decedent in order to provide you with the appropriate FMV basis infomation.

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