Carlos inherits 100 shares of Allied corporation stock from his father. The stock cost his father...
Carlos inherits 100 shares of Allied corporation stock from his father. The stock cost his father $8000 and had a $25,000 FMV on the date of his father’s date in 2019. The alternative valuation date was not elected. If Carlos sells the Allied corporation stock for $27,000, what would be his taxable gain on the sale? (Taxable gain= Proceeds of sale - Tax basis of stock sold)
Carlos's taxable gain on the sale of his Allied stock is __________________?
can someone help me with this question, please? I got 19,000( 27,000 - 8000) but when I put that answer on my homework online it says its not the answer? please help and thanks in advance!
Homework Answers
CARLOS'S TAXABLE GAIN ON THE SALE OF HIS ALLIED STOCK :
Given, proceeds of sale = $27000
And the tax basis of stock sold is the FMV of the stock on the date of his father's death i.e., $25000
Therefore, Taxable Gani = $27000 - $25000 = $2000.
_____×_____
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Carlos inherits 100 shares of Allied corporation stock from his
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