On March 1, 2015, Lois learned that she was bequeathed 1,000 shares of Race Corp. common stock under the will of her uncle, Pat. Pat had paid $5,000 for the Race Corp. stock in 2010. Fair market value of the Race Corp. stock on March 1, 2015, the date of Pat’s death, was $8,000 and had increase to $11,000 six months later. The executor of Pat’s estate did not elect the alternative valuation for estate tax purposes. Lois sold the Race Corp. stock for $9,000 on May 1, 2015, the date the executor distributed the stock to her. 7. How much should Lois include in her individual tax return for the inheritance of the 1,000 share of Race Corp’s stock which she received from Pat’s estate? A. $0 B. $5,000 C. $8,000 D. $11,000 8. Lois’ basis for gain or loss on the sale of the 1,000 shares of Race Corp stock is A. $5,000 B. $8,000 C. $9,000 D. $11,000 9. Lois should treat the 1,000 shares of Race Corp’s stock as a A. Short-term Section 1231 Asset. B. Long-term Section 1231 Asset. C. Short-term capital asset. D. Long-term capital asset.