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Business, 05.05.2020 02:34 boofpack9775
Tyneka inherited 1,000 shares of Aqua, Inc. stock from Joe. Joe’s basis was $35,000, and the fair market value on July 1, 2016 (the date of death) was $45,000. The shares were distributed to Tyneka on July 15, 2016. Tyneka sold the stock on July 30, 2017, for $33,000. After giving the matter more thought, she decides that Aqua is a good investment and purchases 1,000 shares for $30,000 on August 20, 2017.a. What is Tyneka’s basis for the 1,000 shares purchased on August 20, 2017?b. Could Tyneka have obtained different tax consequences in (a) if she had sold the 1,000 shares on December 27, 2016, and purchased the 1,000 shares on January 5, 2017?
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Tyneka inherited 1,000 shares of Aqua, Inc. stock from Joe. Joe’s basis was $35,000, and the fair ma...
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