On january 1 2013 myron sells stock that has a 50000 fmv, Ask an Expert

Accounting

On January 1, 2013, Myron sells stock that has a $ 50,000 FMV on the date of the sale (basis $ 75,000) to his son Vernon. On October 21, 2013, Vernon sells the stock to an unrelated party. In each of the following, determine the tax consequences of these transactions to Myron and Vernon:

a. Vernon sells the stock for $ 40,000.

b. Vernon sells the stock for $ 80,000.

c. Vernon sells the stock for $ 65,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M938195

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