Post by: jilianpiloj on Sep 13, 2020
Question 1
During the current year, Tony purchased new car wash equipment for use in his service station business. Tony's costs in connection with the new equipment this year were as follows:
What is Tony's basis in the car wash equipment?
◦ $49,000
◦ $49,600
◦ $52,600
◦ $54,600
Question 2
Dustin purchased 50 shares of Short Corporation for $500. During the current year, Short declared a nontaxable 10% stock dividend. What is the basis per share before and after the stock dividend is distributed?◦
◦
◦
◦
Post by: mrphibs on Sep 13, 2020
Answer 1
$52,600Answer 2