Alvin is a resident of Oregon and sells stock of a CA corporation at a $10k gain.
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Question:
- Alvin is a resident of Oregon and sells stock of a CA corporation at a $10k gain. Alvin is NOT in the business of buying and selling stock. Which of the following is correct?
- 1. Alvin is taxed on a $10k gain in CA because this gain is realized on the sale of the CA corporation stock
- 2. Because Alvin is an OR resident, the gain has an OR source and the gain is NOT taxable by CA
- 3. Alvin has to split this gain between OR and CA
- 4. Alvin does not have to report this gain at all.
Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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