Series 7: 4.6 Inherited And Gifted Securities

Taken from our Series 7 Top-off Online Guide

4.6 Inherited and Gifted Securities

When someone inherits securities, the heir’s cost basis will be the fair market value (FMV) on the date of death. This new cost basis is sometimes called a stepped-up cost basis because if the securities have been held for a long time, it can result in a substantial increase in cost basis (and a substantial tax savings). Fur

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I found encouragement along the way from reading other people's testimonials, so payback is to write one of my own. Solomon is the gold standard for customer service. I passed the 66, SIE first tries -- received a 69% on the 7 (failed), but passed on the 2nd attempt. I'm in awe over the outreach I received from day 1 but especially from Jeremy on how to move forward after falling short on the Series 7 - followed his advice - one of which was to get the accompanying videos and passed. Watching/studying the Chapter 5 video had a big impact. I also printed the questions I got wrong that I particularly struggled with while taking the online exams, printed and/or turned them into flashcards, then taped many of them around the house. It forced me to constantly revisit the information and moved me past a superficial understanding. I'll take a messy-looking home for a short time than having to retake a 3 hour and 45 minute exam.

Brook Langston, Everspire. Salt Lake City, UT

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Blake Rossman, True Wealth Financial Partners. Fircrest, WA

I am still so giddy that I passed my Series 7 on 1/31. I truly cannot believe it. I took the 7 three times in 2019 utilizing Kaplan study materials and didn't feel good going into the tests any of the times. So shockingly I failed all three times by a lot. My highest score was a 68%. I used Solomon for my 51 in September (passed on the first try) so I thought I could try it for my 7 even though it is the hardest securities test I have taken. I felt so good going into the testing center and I passed!!! I am so grateful to have found your materials. They have been incredibly helpful and I am able to understand all the material covered in the books. I still am in shock that I passed. Now off to the 24!

Briana Turner, Cambridge Investment Research. Virginia Beach, VA

Feels so good to have passed! (Series 7) It was about as challenging as I thought it would be and I'm glad the study material prepared me for understanding the concepts, and not just memorizing terms and formulas. Only changed two of the 15 answers for questions I flagged for review and finished it with more than 90 minutes to spare. The relief I felt upon seeing "Pass" was awesome!
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Andrew Nerys, Square Inc. San Francisco, CA

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Alex Coyne, Northwestern Mutual. Pensacola, FL