Problem: Doris inherited a valuable watch from her father Ben. When Ben died the watch was worth $10,000. For estate tax purposes the watch was valued on Ben's date of death. Which of the following statements is correct?
Select one:
a. Doris has no gross income when she receives the watch.
b. Her holding period in the watch will be long-term.
c. If she uses the watch for personal purposes the watch is a capital asset in her hands.
d. All of the suggested answers above are correct.
e. Only two of the first three answers are correct.