Your client purchased 200 shares of a restaurant franchise which only opens 4 days aweek (Wednesday, Thursday, Friday, Saturday) their symbol is GBE-G Your client bought this stock because theylove their no-nonsense pricing (every meal is $10) and their motto of Life FamilyBalance. Your client came to see you today and wants to know what they will have todeclare on their 2023 tax return, in-regards to this stock. SITUATION: purchased200 shares on Jan 5th 2023 at $4 a share. March 4th 2023 the stock was trading at $20a share when they announced a 5 for 1 split. April 1st 2023 stock was trading at $4.50a share when they announced another 2 for 1 split. Your client sold all of their sharesthis morning at $4 a share. Your client is confused and wants to know how manyshares were sold, how much money they made, and how much they will have to
report as capital gains on their 2023 tax return?

Answer rating: 100% (QA)

In order to calculate the number of shares sold the capital gain and the amount to report on your cl... View the full answer