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11111nata11111 [884]
3 years ago
14

Mrs. Beld sold marketable securities with a $79,600 tax basis to her daughter for $60,000 cash. Two years later, the daughter so

ld the securities through her broker for $93,000. Compute the daughter's gain recognized on sale.
Business
1 answer:
Ksenya-84 [330]3 years ago
8 0

Answer:

$13,400

Explanation:

Data provided in the question:

Tax basis of marketable securities = $79,600

Amount for which securities sold to daughter = $60,000

Amount for which daughter sold the  securities = $93,000

Now,

Mrs. Beld disallowed loss on the related party sale to her daughter

= Tax basis of marketable securities - Amount for which securities sold to daughter

= $79,600 - $60,000

= $19,600

Realized gain by her daughter = $93,000 - $60,000

= $33,000

Therefore,

The daughter's gain recognized on sale

= Realized gain by her daughter - Mrs. Beld disallowed loss

= $33,000 - $19,600

= $13,400

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