Harold, a single taxpayer, acquired 100 shares of O&B manufacturing stock in 2016 at original issuance from the corporation. Harold's O&B stock meets all the requirements of being qualified small business stock under Section 1202. The cost of the shares was $5,000,000 (i.e., adjusted basis is $5,000,000). Harold sells all the shares in 2023 for $17,000,000. How much gain will Harold recognize?

Answer rating: 100% (QA)

Since Harolds OB stock meets the requirements of qualified small business stock under Section 1202 h... View the full answer