(Answered) Question elijah soro owns 100 shares of common stock each

Accounting

Question: Elijah Soro owns 100 shares of common stock, each with an adjusted basis of $40, in Dowe Magazine Racks. Dowe distributes one share of common stock for every 10 shares of common stock a shareholder owns. On the date of the distributions, each share of the common stock had an FMV of $50. What is Elijah's adjusted basis in his stock? Please cite IRS Tax Code.

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