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Author Question: On May 18, of last year, Carter sells unlisted stock with a cost of $24,000 for $60,000. Carter ... (Read 90 times)

theo

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On May 18, of last year, Carter sells unlisted stock with a cost of $24,000 for $60,000. Carter collects $20,000 initially and is scheduled to receive $10,000 each year for four years starting this year plus an acceptable rate of interest. After receiving the first $10,000 scheduled installment payment, Carter is unable to collect any further payments. After incurring legal fees of $1,000, Carter recovers a portion of the stock valued at $26,000. As a result of the repossession, Carter must report
◦ ordinary income of $9,000.
◦ capital gain of $9,000.
◦ ordinary income of $13,000.
◦ capital gain of $13,000.


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Marked as best answer by theo on Sep 13, 2020

sarah_brady415

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theo

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


Dnite

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

 

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