Ken has an inherited investment portfolio of individual securities from his mother valued at $1,250,000 at her date of death in 2022, representing her entire estate. There was no previous gifting. She had purchased these securities in the 1980's for $50,000. Assuming no state inheritance taxes nor state capital gains taxes, how much tax does Ken owe if he sells the securities for $1,300,000, nine months after inheriting them? Assume that Ken is single and earns $300,000 a year and no dividends were paid.

The Certified Financial Planner (CFP) certification exam tests your ability to apply financial planning skills and techniques to real-life situations. Topics on the CFP test include: financial planning process and principles, tax planning, income and retirement planning, estate planning, risk management and insurance, investment planning, tax planning, retirement savings and income planning, estate planning and psychology of financial planning. The exam is 170 questions (multiple choice, short scenario and case study) and is three hours long.