Green, an individual taxpayer who is not a day trader, has requested assistance from a CPA to calculate Year 2 gains and/or losses on the sale of various shares of stock. For each of the following transactions, calculate the correct gain or loss. Brokerage commissions are included in the figures below. Enter the appropriate amounts in the designated cells below. Indicate losses by using a leading minus (-) sign. If no entry is necessary or the answer is zero, enter a zero (0). Year 2 transactions Amount of gain or loss 1. Sold 200 shares of X Corp. stock at $14 per share. Green received the 200 shares as a gift from his brother 3 years ago, when the shares had a fair market value of $10 per share. Green's brother purchased the stock for $16 per share. 2. Sold 200 shares of Y Corp. stock at $22 per share. Green received the 200 shares as a gift from his brother 3 years ago, when the shares had a fair market value of $26 per share. Green's brother purchased the stock for $16 per share. 3. Sold 450 shares of Z C.

Answer rating: 100% (QA)

Answer Year 2 Transactions Amount of Gain or loss 1 Sold 200 shares of X Corp stock at 14 per share ... View the full answer