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Author Question: Efrain owns 1,000 shares of RJ Inc. common stock which he purchased three years ago for $36,000. ... (Read 102 times)

formula1

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Question 1

Donald sells stock with an adjusted basis of $38,000 to his son, Kiefer, for its fair market value of $30,000. Kiefer sells the stock three years later for $32,000. Kiefer will recognize a gain on the subsequent sale of
◦ $0.
◦ $2,000.
◦ ($6,000).
◦ ($8,000).

Question 2

Efrain owns 1,000 shares of RJ Inc. common stock which he purchased three years ago for $36,000. Efrain sells the 1,000 shares on October 15, 2016 for $10,000. On November 12, he purchases 400 shares of RJ Inc. preferred stock for $8,000. Efrain's recognized loss on the sale of the 1,000 shares will be
◦ $0.
◦ $10,400.
◦ $15,600.
◦ $26,000.


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Marked as best answer by formula1 on Sep 13, 2020

dyrone

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formula1

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


mcarey591

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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