Patricia receives $65,000 worth of Nextech, Inc., common stock from her uncle's estate. Early in the year, she receives a $320 cash dividend. Three months later, she received a 3% stock dividend. Near the end of the year, Patricia sells the stock for $68,500. Due to these events only, how much must Patricia include in her gross income for the year?
Patricia receives $65,000 worth of Nextech, Inc., common stock from her uncle's estate. Early in the year, she receives a $320 cash dividend. Three months later, she received a 3% stock dividend. Near the end of the year, Patricia sells the stock for $68,500. Due to these events only, how much must Patricia include in her gross income for the year?
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 66P
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Transcribed Image Text:Patricia receives $65,000 worth of
Nextech, Inc., common stock from her
uncle's estate. Early in the year, she
receives a $320 cash dividend. Three
months later, she received a 3% stock
dividend. Near the end of the year, Patricia
sells the stock for $68,500. Due to these
events only, how much must Patricia
include in her gross income for the year?
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