Question: Answer if 30 mins if possible, thank you Q.5 On April 15, 2017, Harry purchased 4,000 shares Citibank Stock for $60 per share. In 2019,

Answer if 30 mins if possible, thank you

Answer if 30 mins if possible, thank you Q.5 On April 15,

Q.5 On April 15, 2017, Harry purchased 4,000 shares Citibank Stock for $60 per share. In 2019, the corporation issues a 10% stock dividend to all common shareholders with an option of receiving either the stock or the cash of $40,000. On the day Citibank declared the dividend, the stock was trading on the NYSE for $105 per share; however, on the day the stock dividend was distributed the stock was trading at $102.50 per share. Harry selected the stock. On May 15, 2020, Harry sold the shares he received in the stock dividend for $36,000. a) How much is included in Harry's gross income in 2019? b) What is Harry's total basis in the $4,000 shares after the stock dividend? c) What is Harry's recognized gain or loss from the sale of Citibank stock on May 15, 2020 assuming his AGI in 2020 is $100,000 before considering the stock sale? Explain your answer and show all calculations. Q.5 On April 15, 2017, Harry purchased 4,000 shares Citibank Stock for $60 per share. In 2019, the corporation issues a 10% stock dividend to all common shareholders with an option of receiving either the stock or the cash of $40,000. On the day Citibank declared the dividend, the stock was trading on the NYSE for $105 per share; however, on the day the stock dividend was distributed the stock was trading at $102.50 per share. Harry selected the stock. On May 15, 2020, Harry sold the shares he received in the stock dividend for $36,000. a) How much is included in Harry's gross income in 2019? b) What is Harry's total basis in the $4,000 shares after the stock dividend? c) What is Harry's recognized gain or loss from the sale of Citibank stock on May 15, 2020 assuming his AGI in 2020 is $100,000 before considering the stock sale? Explain your answer and show all calculations

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