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Julie, single with AGI of $78,000, sold 80 shares of stock

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Julie, single with AGI of...

Julie, single with AGI of $78,000, sold 80 shares of stock for $22,000 on 4/1/13. Determine the amount & character of her gain/loss in the following situations. A. She inherited stock from her father on 9/30/12 when its FMV was $22,800. Her father had bought the stock in 1991 for $1,500. On the date of his death (5/30/12) the stock's FMV was $24,700. On 11/30/12, the stock's FMV was $18,500. The executrix uses the alternative date of death for valuation. B. Same as A except executrix uses date of death for valuation. C. Same as A except she received the stock on 12/15/12. D. She received it as a gift from her mother on 2/10/12 when the FMV was $24,000. Her mother bought the stock on 6/6/06 for $27,000 and paid $1,650 in gift tax upon the transfer. E. Same facts as D, except she repurchased the stock on 4/20/13 for $23,000 and later sold it for $24,400 on 11/20/13. F. Same facts as D, except FMV at 2/10/13 was $21,000 and gift tax was $1,475. G. She bought it for $74,000 on 7/8/08. The stock qualifies as § 1244 stock. H. Same as G, except the stock became worthless on 4/1/13. I. She received it as a gift from her aunt on 1/5/13 when the FMV was $18,000. Her aunt bought the stock on 2/3/04 for $19,500 and paid $1,000 in gift tax upon the transfer. J. Same as I, except her aunt had bought the stock for 16,000. K. If the assets sold were personally owned bottles of wine, instead of stock, how would this change your answer to J? L. Assume the asset sold was a patent obtained by Julie on her invention and the cost of development from June to December 2012 was $6,000. M. Same as L, except the asset is a copyright on a book.

Submitted: 4 years ago.Category: Business and Finance Homework
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10/9/2013
Business Tutor: DanielleCPA, CPA replied 4 years ago
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