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Author Question: Joy purchased 200 shares of HiLo Mutual Fund on July 15, 2012, for $10,500, and has been reinvesting ... (Read 70 times)

cherise1989

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Question 1

Gina owns 100 shares of XYZ common stock with a $12,000 basis and a $25,000 FMV. She receives 100 stock rights with a total FMV of $15,000. Answer the following:
a. What is the basis of the 100 shares of stock?
b. What is the basis of the 100 stock rights?

Question 2

Joy purchased 200 shares of HiLo Mutual Fund on July 15, 2012, for $10,500, and has been reinvesting dividends. On December 15, 2016, she sells 100 shares.



What is the basis for the shares sold assuming (1) FIFO and (2) average cost method?


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Marked as best answer by cherise1989 on Sep 13, 2020

momo1250

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cherise1989

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


blakcmamba

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Reply 3 on: Yesterday
Excellent

 

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