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n 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted asis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin' asis during the period he held the property. What is his capital gain? (Answer choices are below the image.) CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. E E-VESTING.COM 751 FORTUNE STREET YOUR CITY, YS XXXXX (XXX) 598-5563 PAYER'S TIN XX-XXXXXXX RECIPIENT'S TIN XXX-XX-XXXX OMB No. 1545-0715 2021 Form 1099-B 1a Description of property (Example: 100 sh.XYZ Co.) 200 SH GGG 1b Date acquired 1d Proceeds $ 9,000.00 1f Accrued market discount $ 1c Date sold or disposed 09/14/2021 1e Cost or other basis $ 1g Wash sale loss disallowed $ Proceeds From Broker and Barter Exchange Transactions Copy B For Recipient

n 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted asis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin' asis during the period he held the property. What is his capital gain? (Answer choices are below the image.) CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. E E-VESTING.COM 751 FORTUNE STREET YOUR CITY, YS XXXXX (XXX) 598-5563 PAYER'S TIN XX-XXXXXXX RECIPIENT'S TIN XXX-XX-XXXX OMB No. 1545-0715 2021 Form 1099-B 1a Description of property (Example: 100 sh.XYZ Co.) 200 SH GGG 1b Date acquired 1d Proceeds $ 9,000.00 1f Accrued market discount $ 1c Date sold or disposed 09/14/2021 1e Cost or other basis $ 1g Wash sale loss disallowed $ Proceeds From Broker and Barter Exchange Transactions Copy B For Recipient

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted basis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin's basis during the period he held the property. What is his capital gain? (Answer choices are below the image.) CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. E E-VESTING.COM 751 FORTUNE STREET YOUR CITY, YS XXXXX (XXX) 598-5563 PAYER'S TIN XX-XXXXXXX RECIPIENT'S name ARVIN BERTRAND Street address (including apt. no.) 834 SYCAMORE TRAIL Account number (see instructions) 586344322 City or town, state or province, country, and ZIP or foreign postal code YOUR CITY, YS XXXXX CUSIP number 14 State name YS Form 1099-B RECIPIENT'S TIN $1,500 $2,500 $4,000 $9,000 XXX-XX-XXXX Mark for follow up FATCA filing requirement 15 State identification no. 16 State tax withheld XXXXXXXX $ $ (Keep for your records) Screenshot Form 1099-B 1a Description of property (Example: 100 sh.XYZ Co.) 200 SH GGG 1b Date acquired OMB No. 1545-0715 2021 Barter Exchange Transactions $ 10 Unrealized profit or (loss) on open contracts-12/31/2021 1d Proceeds $ 9,000.00 1e Cost or other basis $ 1f Accrued market discount $ 1g Wash sale loss disallowed $ 2 Short-term gain or loss Long-term gain or loss Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered security $ 6 Reported to IRS: Gross proceeds Net proceeds 8 Profit or (loss) realized in 2021 on closed contracts 1c Date sold or disposed 09/14/2021 www.irs.gov/Form 1099B 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2020 $ 11 Aggregate profit or (loss) on contracts $ $ 12 If checked, basis reported 13 Bartering to IRS $ Proceeds From Broker and Copy B For Recipient This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Department of the Treasury - Internal Revenue Service
Transcribed Image Text:In 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted basis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin's basis during the period he held the property. What is his capital gain? (Answer choices are below the image.) CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. E E-VESTING.COM 751 FORTUNE STREET YOUR CITY, YS XXXXX (XXX) 598-5563 PAYER'S TIN XX-XXXXXXX RECIPIENT'S name ARVIN BERTRAND Street address (including apt. no.) 834 SYCAMORE TRAIL Account number (see instructions) 586344322 City or town, state or province, country, and ZIP or foreign postal code YOUR CITY, YS XXXXX CUSIP number 14 State name YS Form 1099-B RECIPIENT'S TIN $1,500 $2,500 $4,000 $9,000 XXX-XX-XXXX Mark for follow up FATCA filing requirement 15 State identification no. 16 State tax withheld XXXXXXXX $ $ (Keep for your records) Screenshot Form 1099-B 1a Description of property (Example: 100 sh.XYZ Co.) 200 SH GGG 1b Date acquired OMB No. 1545-0715 2021 Barter Exchange Transactions $ 10 Unrealized profit or (loss) on open contracts-12/31/2021 1d Proceeds $ 9,000.00 1e Cost or other basis $ 1f Accrued market discount $ 1g Wash sale loss disallowed $ 2 Short-term gain or loss Long-term gain or loss Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered security $ 6 Reported to IRS: Gross proceeds Net proceeds 8 Profit or (loss) realized in 2021 on closed contracts 1c Date sold or disposed 09/14/2021 www.irs.gov/Form 1099B 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2020 $ 11 Aggregate profit or (loss) on contracts $ $ 12 If checked, basis reported 13 Bartering to IRS $ Proceeds From Broker and Copy B For Recipient This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Department of the Treasury - Internal Revenue Service
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