Business, 03.04.2021 05:40, leannaadrian

On November 15, 2019, Tim, a cash basis taxpayer, gave his Daughter Nancy 1000 shares of JP Morgan common stock, which Tim purchased on June 30, 2015 for $60,000. On the date of the gift the stock was selling on the NY Stock Exchange for $46 per share. On December 03, 2019, the corporation declared a 1 for 1 stock dividend payable on December 10, 2019, to shareholders of record as of November 22, 2019. On January 17, 2020, Nancy sold 1,500 shares of JP Morgan common stock that she received from her father and from the stock dividend for $18 per share. A) What is Nancy's recognized gain or loss on the sale of the 1,500 shares on January 17, 2020?
B) What is Nancy's total basis in the remaining shares? Explain.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 23:00, montecillolinda

The company financial officer was interested in the average cost of pcs that had been purchased in the past six months. she took a random sample of the price of 10 computers, with the following results. $3,250, $1,127, $2,995, $3,250, $3,445, $3,449, $1,482, $6,120, $3,009, $4,000 what is the iqr?

Answers: 2

continue

Business, 22.06.2019 13:40, allytrujillo20oy0dib

Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?

Answers: 1

continue

Business, 22.06.2019 23:40, bakerj8395

Gif the federal reserve did not regulate fiscal policy, monitor banks and provide services for banks, what would most likely be the economic conditions to transact business in the u. s.? the economy would primarily be based on a barter system rather than a fiat system. there would be no discrimination in lending by local banks. the economy would be less efficient and transactions most likely more costly.

Answers: 1

continue

Business, 23.06.2019 23:00, preciadogabriel40

Ocean co. has paid a dividend $2 per share out of earnings of $4 per share. if the book value per share is $25, what is the expected growth rate in dividends (g)?

Answers: 1

continue

Do you know the correct answer?

On November 15, 2019, Tim, a cash basis taxpayer, gave his Daughter Nancy 1000 shares of JP Morgan c...