During 1953, H sold class A stock which had cost him $1,100, and common stock which had
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During 1953, H sold class A stock which had cost him $1,100, and common stock which had cost him $2,000, to his wife W for a lump sum of $1,500. At the time the stocks were purchased by W, the fair market value of class A stock was $900 and the fair market value of common stock was $600.
If W re-sold the Class A stock in 1954 for $2,500, what are the income tax consequences to W?
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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