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Readme [11.4K]
3 years ago
10

Troy received a gift of 100 shares of stock from his grandmother on July 1 of the current year. Troy's grandmother had owned the

stock for 15 years and had a basis of $14 per share. On July 1, the date of the gift, the stock was selling for $39 per share. What is Troy's basis in the stock?
Mathematics
1 answer:
kumpel [21]3 years ago
4 0

Troy has a basis of $39 per share

total value of shares is $3900

Step-by-step explanation:

On July 1, the date of the gift, the stock was selling for $39 per share.

Troy's basis in the stock  = current value of shares

No need to consider the base rate which is in 15 years ago

The current rate of 100 shares =  $39 × 100 =  $3900

Troy has a basis of $39 per share

total value of shares is $3900

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First statement is translated as:
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Since S = 3R, then
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