Pekoe sold stock to his sister Rose for $12,000, its fair market value. Pekoe bought the stock
Question:
Pekoe sold stock to his sister Rose for $12,000, its fair market value. Pekoe bought the stock 5 years ago for $16,000. Also, Pekoe sold Earl (an unrelated party) stock for $6,500 that he bought 3 years ago for $9,500. What is Pekoe’s recognized gain or loss?
a. $7,500 loss
b. $4,000 gain
c. $3,000 loss
d. $2,000 loss
e. $1,000 gain
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
Data storage is the recording storing of information data in a storage medium Handwriting phonog...View the full answer
Answered By
Dudhat Vaidehi
I tutored mostly elementary school students privately after school and during the summer. We met in their homes or at the public library. I charged an hourly fee, and I provided any necessary materials.
Having taught in special education in two local schools for many years meant that I had contact with a lot of parents of special needs students. I never had to advertise — word of mouth was how most folks knew of me. At one point I did have a website, but didn't utilize it much. I stayed very busy, especially in the summers, and always had a full schedule. I typically met with each student's teacher in order to get an idea of what the focus of my instruction/remediation should be. Becoming familiar with the student's learning style(s) was also very helpful. Often parents would share records and test results with me. After each tutoring session, I documented the student’s progress and gave parents written updates, as well as phone calls or emails as needed.
While my students and I certainly utilized technology and the internet often during our sessions, I never tutored online or for any tutoring company, so am not familiar with the curriculums or methods used in those settings.
Tutoring one on one was very enjoyable and rewarding. My students and I had fun, and grew quite fond of one another. The extra income was a bonus. I had to retire from tutoring due to a physically handicapping disease, and miss my students very much.
0.00
0 Reviews
10+ Question Solved
Related Book For
Income Tax Fundamentals 2020
ISBN: 9780357108239
38th Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Question Posted:
Students also viewed these Business questions
-
Wolfeboro assesses property at 100 percent of its fair market value New Durham a nearby town in the same county assesses property at only 80 percent of fair market value The county bases its own tax...
-
Compute the realized and recognized gain or loss and the new basis in the following transactions, all of which took place pursuant to a plan of recapitalization. a. A shareholder exchanged 100 shares...
-
Earl E. Bird has decided to start saving for his retirement. Beginning on his twenty-first birthday, Earl plans to invest $2,000 each birthday into a savings investment earning a 7 percent compound...
-
Write a method remove() that takes a linked-list Node and a string key as its arguments and removes every node in the list whose item field is equal to key.
-
Explain the idea of semantic blocks. List some words used at your university or college which might cause semantic blocks to outsiders unfamiliar with the terminology.
-
Reflect on a group interview you've had: * Was there anything you struggled with in preparing for the peer interviews? * What would you have changed about your interview? What would you have kept the...
-
XYZ University is a medium-sized tertiary education provider in the state of Queensland, Australia. In undertaking its normal business of teaching, learning, and research, the university collects,...
-
How does the number of atoms in a 26.5-gram gold ring compare to the number in a silver ring of the same mass?
-
To properly distribute its fleet of patrol cars, the police collect data on the incidence of crime on residents for each sector of the region it serves. Each sector has 1,000 residents. Crimes by...
-
Assume Walmart acquires a tract of land on January 1, 2016, for $100,000 cash. On December 31, 2016, the current market value of the land is $150,000. On December 31, 2017, the current market value...
-
Which of the following entities is likely to have the greatest flexibility in choosing a year-end other than a calendar year-end? a. Sole proprietor b. General partnership c. Corporation d. S...
-
BJT Corporation is owned 40 percent by Bill, 30 percent by Jack, and 30 percent by the Trumpet Partnership. Bill and Jack are father and son. Jack has a 10 percent interest in Trumpet Partnership....
-
The linear systems in Problems 110 are in echelon form. Solve each by back substitution. 2x 1 - 5x 2 + x 3 = 2 3x 2 - 2x 3 = 9 x 3 = -3
-
A chromatin-remodeling complex may a. change the locations of nucleosomes. b. evict histones from DNA. c. replace standard histones with histone variants. d. do all of the above.
-
The process of RNA interference may lead to a. the degradation of an mRNA. b. the inhibition of translation of an mRNA. c. the synthesis of an mRNA. d. both a and b.
-
How can methylation affect transcription? a. It may prevent the binding of regulatory transcription factors. b. It may enhance the binding of regulatory transcription factors. c. It may promote the...
-
Which of the following function(s) is/are carried out by piRITS or piRISC? a. Inhibits transcription of TEs b. Causes the degradation of TE RNA c. Causes chromosome breakage d. Both a and b are...
-
Which of the following is a function of SRP? a. Pausing translation of a polypeptide via an ER signal sequence b. Binding to an SRP receptor in the ER membrane c. Docking the ribosome over a channel...
-
On July 1, 2017, Agincourt Inc. made two sales: 1. It sold excess land in exchange for a four-year, non-interest-bearing promissory note in the face amount of $1,101,460. The land's carrying value is...
-
Evaluate the integral, if it exists. Jo y(y + 1) dy
-
John Williams (age 42) is a single taxpayer, and he lives at 1324 Forest Dr., Reno, NV 89501. His Social Security number is 555-94-9358. John's earnings and withholdings as the manager of a local...
-
John Fuji (age 37) moved from California to Washington in December 2012. He lives at 468 Cameo Street, Yakima, WA 98901. John's Social Security number is 571-78-5974 and he is single. His earnings...
-
Janie graduates from high school in 2013 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie's parents have AGI of $170,000, what is the American...
-
A project that is expected to generate annual after-tax cash flows of $2,200 for each of the next 20 years. The project's cost of capital is 8.5 percent and it has an IRR of 9.058 percent. What is...
-
Gabbie has to decide between the following two choices: Option 1: Get $320 with probability 35.97%, and $84.15 with the complement probability. Option 2: Get $94.95 with 100% probability. Her utility...
-
Why are unpaid accruals a "temporary" source of cash? Please give some details and examples.
Study smarter with the SolutionInn App