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goblinko [34]
3 years ago
10

Simmons gives her child a gift of publicly-traded stock with a basis of $40,000 and a fair market value of $30,000. No gift tax

is paid. The child subsequently sells the stock for $36,000.
What is the child's recognized gain or loss, if any?

a. $4,000 loss.
b. No gain or loss.
c. $6,000 gain.
d. $36,000 gain.
Business
1 answer:
LekaFEV [45]3 years ago
5 0

Answer:

Explanation:

Basis in the stock = Carryover basis = $40,000

Recognized loss = $40,000 - $36,000

= $4,000

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If dan's baseball card collection is stolen after he entered into an agreement to sell the cards, the contract must be discharged, because of the impossibility of performance.

What is the agreement?

A contract between two or more people to do something is referred to as an agreement. Two or more parties must agree to the terms of the agreement in order to create a legally binding commitment.

The baseball card collection entered into an agreement to sell the cards, the contract must be discharged, and the performance is impossible. The credit card was taken. This is the primary reason for the performance's impossibility.

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1 year ago
Devon worked for a major corporation for 20 years but recently switched jobs because she wanted to make a larger contribution to
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6 0
3 years ago
In the Month of March, Digby received orders of 104 units at a price of $15.00 for their product Dell. Digby uses the accrual me
Ilia_Sergeevich [38]

Answer:

$1,560 and $0

Explanation:

According to the accrual method of accounting, the revenue should be recognized when it is realized or when the sale is made not when the cash is received

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6 0
2 years ago
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9. Pruning shears

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4 0
2 years ago
Super Computer Company's stock is selling for $100 per share today. It is expected that, at the end of one year, it will pay a d
lesantik [10]

Answer: A. 20%

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