Naomi owns 1,000 shares of Nordstrom Corp. common stock which she purchased for ($ 40,000) and later

Question:

Naomi owns 1,000 shares of Nordstrom Corp. common stock which she purchased for $\$ 40,000$ and later receives a nontaxable preferred stock dividend of 200 shares of Nordstrom preferred stock when the FMV of the preferred was $\$ 75$ per share and the FMV of the common was $\$ 60$ per share. What is the basis of the common and preferred shares after the dividend?

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