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mpzpowell7506
10.12.2020 •
Business
Sadie sold 12 shares of stock to her brother, George, for $700 16 months ago. Sadie had purchased the stock for $1,000 two years earlier. If George sells the stock for $1,300, what are the amount and character of his recognized gain or loss in the current year?
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Ответ:
Answer and Explanation:
The computation of the amount and character of his recognized gain or loss is as follows:
There is a gain of
= $1,300 - $1,000
= $300
This gain represents the long term capital gain as it is more than 12 months. If there is a gain that within the 12 months so it would be the short term capital gain
So, the amount and character would be $300 and long term capital gain
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