Don't give AI generated solution Give only correct typing answer with explanation Stevie recently received 1,000 shares of restricted stock from her employer, Nicks Corporation, when the share price was $8 per share. Stevie's restricted shares vested three years later when the market price was $11. Stevie held the shares for a little more than three years and sold them when the market price was $16. What is the amount of Stevie's ordinary income with respect to the restricted stock? Multiple Choice $5,000 $8,000 $0 $11,000 Give only correct typing answer with explanation

Don't give AI generated solution Give only correct typing answer with explanation Stevie recently received 1,000 shares of restricted stock from her employer, Nicks Corporation, when the share price was $8 per share. Stevie's restricted shares vested three years later when the market price was $11. Stevie held the shares for a little more than three years and sold them when the market price was $16. What is the amount of Stevie's ordinary income with respect to the restricted stock? Multiple Choice $5,000 $8,000 $0 $11,000 Give only correct typing answer with explanation

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 52P

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Brittany Callihan sold stock (basis of 184,000) to her son, Ridge, for 160,000, the fair market value. a. What are the tax consequences to Brittany? b. What are the tax consequences to Ridge if he later sells the stock for 190,000? For 152,000? For 174,000? c. Prepare your solution using spreadsheet software such as Microsoft Excel. The spreadsheet should compute the gain or loss for Ridge for all scenarios. Use the IF function to compute the right of offset. d. Write a letter to Brittany in which you inform her of the tax consequences if she sells the stock to Ridge for 160,000. Explain how a sales transaction could be structured that would produce better tax consequences for her. Brittanys address is 32 Country Lane, Lawrence, KS 66045.
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Mr. Chan's employer gave him a share option in March last year to buy 10,000 shares in X Ltd for $5 each when the market price of the shares was $10. Mr. Chan exercised the share option in March this year when the market price of the shares was $15 each. He sold all the shares yesterday for $20 each. What is the share option gain to be included in the assessable income? Question 41 Answer a. $50,000 b. $150,000 c. $200, 000 d. $100, 000
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Question 1 When Synthia went overseas for three months, she left her financial affairs and her share portfolio with Michael, her accountant. She gave him clear instructions to sell her 5000 BHP shares if they rose to a specific price. Michael forgot to watch the stock market each day and missed seeing that the shares had reached Synthia’s specified price. Michael sold the shares as soon as he remembered what he had been asked to do. However, the price has dropped by then, and Synthia lost the $8000 profit she could have made if Michael had done as he was told. Explain whether Synthia can obtain compensation from Michael under their principal-agent relationship. Question 2 Rheda is an Arabic-speaking Australian. Two months ago, he became an agent for the Banjo College (BC) and went to Dubai, in the Middle East, to sign up students for the college. BC agreed to pay Rheda a fee of $2500 plus expenses and, if he met his quota of 50 students, to pay $300 for every new student in excess of…
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