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Question: Debby died on January 11, Year 1 and left shares of Pepsi costing $40,000 to Pam. On that date, the shares were worth $52,000 but had gone up in value to $56,000 six months later (June 11). The shares were conveyed to Pam on June 4, Year one, when they were worth $61,000. The executor of the estate chose the alternative valuation date. Pam sold the shares on December 23, Year one for $60,000. What was Pam's Gain or loss?

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