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Author Question: Marissa sold stock of a non-publicly traded corporation with an adjusted basis of $36,000 for ... (Read 154 times)

fox

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on: Sep 13, 2020
Marissa sold stock of a non-publicly traded corporation with an adjusted basis of $36,000 for $48,000. Marissa received a down payment of $12,000 with the balance due in equal payments over the next two years.
a. What is the amount of gross profit to be recognized in the year of sale?
b. Assume that the buyer defaulted on the final payment. Marissa sued and was able to repossess the stock. The fair market value of the stock on the date of repossession is $36,000; legal fees were $1,500. What is the gain or loss on the repossession?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by fox on Sep 13, 2020

maya.nigrin17@yahoo.com

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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fox

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

ashely1112

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Reply 3 on: Yesterday
Wow, this really help

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