Mr. Franklin Sharp owns 750 shares of Guard Inc. The ACB per share is $21.50. On June 15, 2023, he sells all of these shares for $13.75 each. On June 21, 2023, he purchases 400 shares of Guard Inc. at a cost of $12.15 each. He continues to own the shares at the end of the year. What are the income tax consequences of these transactions including the ACB of the shares on hand at December 31, 2023?
Mr. Franklin Sharp owns 750 shares of Guard Inc. The ACB per share is $21.50. On June 15, 2023, he sells all of these shares for $13.75 each. On June 21, 2023, he purchases 400 shares of Guard Inc. at a cost of $12.15 each. He continues to own the shares at the end of the year. What are the income tax consequences of these transactions including the ACB of the shares on hand at December 31, 2023?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter15: S Corporations
Section: Chapter Questions
Problem 12P
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Transcribed Image Text:Mr. Franklin Sharp owns 750 shares of Guard Inc. The ACB per share is $21.50. On
June 15, 2023, he sells all of these shares for $13.75 each. On June 21, 2023, he
purchases 400 shares of Guard Inc. at a cost of $12.15 each. He continues to own
the shares at the end of the year. What are the income tax consequences of these
transactions including the ACB of the shares on hand at December 31, 2023?
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