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LiceniaRod_TaxAcc_Week8

# LiceniaRod_TaxAcc_Week8 - her father \$8500 10 years ago and...

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1. Martin sells a stock investment for 25,000 on August 2, 2010. Martin’s adjusted basis in the stock is \$14,000. a. If Martin acquired the stock on November 15, 2009, calculate the amount and the nature of the gain or loss. b. If Martin had acquired the stock on September 11, 2008, calculate the amount and nature of the gain or loss. 3. Jocasta owns an apartment complex that she purchased 6 years ago for \$750,000. Jocasta has made \$40,000 of capital improvements on the complex, and her depreciation claimed on the building to date is \$150,000. Calculate Jocasta’s adjusted basis in the building. 4. Chrissy receives 200 shares of Chevron Texaco stock as a gift from her father. The stock cost
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Unformatted text preview: her father \$8500 10 years ago and is worth \$10,000 at the date of the gift. a. If the stock is sold for \$12500 calculate the amount of the gain or loss on the sale. b. If the stock is sold for \$4600 calculate the amount of the gain or loss on the sale. 5. During 2010, Tom sold Sears stock for \$10,000. The stock was purchased 4 years ago for \$13,000. Tom also sold Ford Motor Co. bonds for \$35,000. The bonds were purchased 2 months ago for \$30,000. Home Depot stock, purchased 2 years ago for \$1,000, was sold by Tom for \$1500. Calculate Tom’s net gain or loss, and indicate the nature of the gain or loss....
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