On January 15th of last year, Rustin retired from Fox, Inc., a national plastics supplier. When Rustin
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On January 15th of last year, Rustin retired from Fox, Inc., a national plastics supplier. When Rustin retired, he had 1,000 shares of Fox, Inc. stock in his stock bonus plan. Fox, Inc. took deductions equal to $20 per share for the contributions made on Rustin’s behalf. At retirement, Rustin took a lump-sum distribution of the employer stock. The fair market value of the stock at distribution was $35 per share. On July 15th of this year, Rustin sold the stock for $40 per share. What will Rustin report on his tax return at the date he sells the Fox, Inc. stock? Calculate.
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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