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oee [108]
3 years ago
15

Gwen inherited 100 shares of supershoes stock when her mother died on october 21, 2015; the fair market value of the stock was $

20 per share. her mother paid $200 per share when she purchased the stock march 1, 2006. if gwen sells all 100 shares for $50 per share on july 3, 2017, how should she report the sale on her income tax return?
Business
1 answer:
Dafna1 [17]3 years ago
5 0

Answer: Gwen should report a $3,000 long-term capital gain in her income tax return.

In this question the price paid by Gwen’s mother for the shares is irrelevant because of her death.

The stock’s fair market value ($20) when Gwen inherited the shares (21st October 2015) is Gwen stepped up value.

Gwen’s gain from selling the shares is:

Gain / (Loss) = (Selling Price per share - Stepped up value per share) * Number of shares

Gain = (50 - 20) *100

Gain = $3,000

Gwen inherited the shares on (21st October 2015) and held the shares until (3rd july 2017), so she held the shares for more than one year after inheriting it.  So, she will report a long-term capital gain on her income tax return.

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Answer:

total manufacturing overhead cost incurred 33,250 dollars

Explanation:

the incurred overhead cost will be the sum of the indirect materials, the indirect labor, the depreciation and and other indirect cost paid or not. Givn our information , there seems to be no additional cost for manufacturing overhead so, actual overhead will be the sum of these:

indirect materials   6,000

indirect labor          9,200

depreciation          4, 750

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total                       33,250

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In a management trainee program, 80% of the trainees are female, while 20% are male. ninety percent of the females attended coll
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<span>Step 1:
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3 years ago
On October 1, 2016, Adams Company paid $4,200 for a two-year insurance policy with the insurance coverage beginning on that date
rjkz [21]

Answer:

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Explanation:

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Last step

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3 years ago
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3 years ago
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