What basis should he use for computing gain or loss on these general accounting question? Phillip purchased shares of Cisco stock as follows: 54 shares for$1,542.49 in 2009, 67 shares for $1,798.59 in 2010, and 98 sharesfor $2,415.37 in 2012. He sold 133 shares of Cisco in 2015 and didnot identify which shares he sold. What basis should he use forcomputing gain or loss?a. $3,355b. $3,497c. $3,548d. $3,637

Step 1: Define Tax BasisThe tax basis is the book value of an asset, which is used to calculate any…

Answered: Phillip purchased shares of Cisco stock…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges

Section: Chapter Questions

Problem 14DQ

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Isaiah purchased shares of ABC stock as follows: 50 shares for $1,550 in 2013. 100 shares for $2,500 in 2015. 125 shares for $3,500 in 2017. In 2019, he sold 150 shares at $45 per share for gross proceeds of $6,750. If he uses the specific identification method to reduce or eliminate the amount of capital gain from this sale, the basis he will use to compute his capital gain or loss is:
In 2017, Marvin bought 100 shares of ABC stock. He decided to sell the stock on March 30, 2022. Marvin’s original cost for the stock was $15,065 plus an additional $55 in broker’s fees. When he sold the stock, he received gross proceeds of $9,757. What is the net gain or loss from his transaction? Is it a long- or short-term capital gain or loss?
Subject:- accounting
Nico bought 100 shares of Cisco Systems stock for R24.00 per share on January 1, 20019. He received a dividend of R2.00 per share at the end of 2020 and R3.00 per share at the end of 2021. At the end of 2021, Nico collected a dividend of R4.00 per share and sold his stock for R18.00 per share. What was Nico's realized holding period return? A. -12.5% B. +12.5% C. -16.7% D. +16.7%
Assume, for purposes of this question only, that Susan acquired 2,000 shares of Hawk Corporation stock for $80,000 on March 31, 2014. On March 1, 2023, she sells 125 shares for $3,750. On March 22, 2023, she purchases 135 shares of Hawk Corporation stock for $4,725. a. What is Susan’s realized gain or loss from the sale on March 1, 2023? b. What is Susan’s recognized gain or loss from the sale on March 1, 2023? c. What is Susan’s basis in the 135 shares purchased on March 22, 2023? d. When does Susan’s holding period begin for the 135 shares
John bought 400 shares of Apple stock on January 1, 2015 for $200 per share with a brokerage fee of $1,000. He sold 200 shares for $140 per share on November 22, 2021. John then purchased 100 shares of the same type of Apple stock on December 28, 2021 for $132 per share. Wash sale rule. What is the proceeds from the sale and the cost of the sale (current basis or adjusted basis)? Is this a short-term capital gain/loss or a long term capital gain/loss taxed at 0/15/20, 25, or 28%?
On October 30, 2015, Tess bought 500 shares of ACTS stock for 640 pesos per share. On November 15, 2016, ACTS paid a 620 pesos dividend per share, and on January 15, 2017, she sold the stock for 677 pesos per share. Did Tess gain or lose on the investment? How much money did she gain or lose in the investment? (with complete solutions)
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John bought 1,000 shares of intel stock on October 18,2015, for $30 per share, plus a $750 commission he paid to his broker. On December 12, 2019, he sold the shares for $42.50 per share. He also incurred a $1,000 fee for this transaction. 1. What is John's adjusted basis in the 1,000 shares of intel stock? 2. What amount does John realize when he sells the 1,000 shares ? 3. What is the gain or loss for John on sale of his intel stock? 4. What is the character of the gain or loss?
During 2018, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares were purchased on the following dates: Date May 31, 2014 September 18, 2015 October 21, 2015 January 12, 2017 Shares Price 400 $9.375 225 425 $8.500 S10.000 $7.125 276 Calculate the gain (loss) on the sale under the following assumptions (carry your calculations to three places): a. Basis is calculated using the first-in, first-out method. b. Basis is calculated using the average cost method (assume all shares are long-term).
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