What is the adjusted basis for the sale of Winkler stock?
The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000. The following year, Winkler sold the stock on February 15 for $7,500. What is the amount that Winkler should recognize as gain on the sale of stock? 2,500.
How much is the Winkler Company stock worth?
The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000. The following year, Winkler sold the stock on February 15 for $7,500.
How much did Winkler pay for Foster Corp stock?
On December 15 of the same year, Thompson gave Winkler 100 shares of Foster Corp. as compensation for services. The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000.
How much did Conner gain from selling all his stock?
On May 23 of the current year, Conner sold all the stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss during the year.
How long is the option for $50,000 in effect?
The taxpayer purchased the option for $50,000, which was to remain in effect for 6 months. The market declined, and the taxpayer let the option lapse on August 1, Year 1. The taxpayer would report which of the following as a capital loss on the Year 1 income tax return? $50,000 short term.
How much did Sal sell the building to Benno?
In September Year 1, Sal sold the building to Benno for $100,000 cash. Benno also agreed to assume Sal's $150,000 mortgage and pay Sal's $5,000 accrued real estate taxes. The total depreciation claimed on the building (including Year 1 depreciation) was $30,000. Sal paid $10,000 selling expenses on the sale.
When did Boone give Dixon 100 shares?
One year later, on April 1, the stock split 2 for 1. Boone gave 100 shares of the stock to another of Carter's relatives, Dixon, on June 1 that same year, when the market value of the stock was $150 per share. What was Dixon's basis in the 100 shares of stock when acquired on June 1?
How much is the old real property worth?
The old real property is currently worth $20,000 and the new real property the taxpayer wants in exchange is only worth $17,500. The taxpayer agrees to assume a liability secured by the new real property of $1,000. The other party also agrees to assume a liability secured by the taxpayer's old real property of $3,500.
How much did Benson receive in cash?
Benson exchanged real property, used exclusively for business and with an adjusted basis of $100,000, for new real property with a fair market value of $120,000 and received $5,000 in cash. What amount of gain did Benson recognize from the transaction?