Rita died on January 1, 2018 owning an asset with a FMV of $730,000 that she purchased in 2010 for $600,000. Bert inherited the asset from Rita. When Bert sells the asset for $800,000 on August 20, 2018, he must recognize a
A. LTCG of $200,000.
B. STCG of $200,000.
C. STCG of $70,000.
D. LTCG of $70,000.
Answer: D
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