Upon her grandfather's death, jordan inherited 10 shares of universal corp. stock that had a fair market value of $5,000. her grandfather acquired the shares in 1995 for $2,500. four months after her grandfather's death, jordan sold all her shares of universal for $7,500. what was jordan's recognized gain in the year of sale?

Jordan's recognized gain in the year of sale is $2500.

Explanation:

Given that,

Jordan inherited 10 shares of universal corp. stock upon her grandfather's death and have a fair market value of $5000

Jordan's grandfather purchase these shares in 1995 for $2500

After four months of her grandfather's death, Jordan sold all of the shares for $7500

So,

Jordan's recognized gain in the year of sale = the value of sale - the fair market value at the time of her grandfather's death

= $7500 - $5000

= $2500

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