On August 2, 2017, Henry Hughes paid ($ 30,000) for 500 shares of Young Corp. common stock.
Question:
On August 2, 2017, Henry Hughes paid \(\$ 30,000\) for 500 shares of Young Corp. common stock. On July 28, 2018, he received a nontaxable 20 percent common stock dividend. On December 23, 2018, he sold the 100 shares received in July for \(\$ 4,400\). What is the basis of the 100 shares sold? What is the gain or loss on the sale? Is it short-term or long-term?
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Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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