Goldie sells 600 shares of Bear Corporation stock for $9,000 on December 14, 2020. She paid $27,000

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Goldie sells 600 shares of Bear Corporation stock for $9,000 on December 14, 2020. She paid $27,000 for the stock in February 2017.

a. Assuming that Goldie has no other capital asset transactions in 2020, what is the effect of the sale on her 2020 income?

b. Assume that Goldie has no capital asset transactions in 2021. What is the effect of the Bear Corporation stock sale on her 2021 income?

c. On July 2, 2022, Goldie sells 100 shares of Panda common stock for $12,400. Goldie purchased the stock on September 4, 2020, for $7,500. What is the effect of the sale on Goldie’s 2022 income?

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Concepts In Federal Taxation 2021

ISBN: 9780357141212

28th Edition

Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg

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