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Sherry received a bequest of 100 shares of XYZ stock from her Aunt Alice who died on March 2 of this year. Sherry's aunt bought the stock at a total cost of $5500.when Sherry inherited the stock, the value of the shares was $5750. On july 1, Sherry sells the stock for $6250, incurring expenses for the sale of $250. What are the taxable consequences to Sherry? what are the gains/losses? are they short-term or long-term? describe your answer. include all relevant formulas.

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