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Misha Larkins [42]
3 years ago
5

Karen Smith bought Coca-Cola stock for $475 on March 31, 20X1. On November 15, 20X1, Karen received a non-taxable distribution o

f $155 on the 50 shares of stock she owned. She sold the stock for $300 on December 22, 20X1. What is her gain or loss on the sale
Business
1 answer:
Murrr4er [49]3 years ago
7 0

Answer:

$20 loss

Explanation:

Karen Smith bought a coca-cola stock for $475 in March 31, 20X1

She received a non taxable distribution of $155 on November 15, 20X1

The first step is to calculate the adjusted basis

= $475-$155

= $320

Karen sold the stock for $300 on December 22, 20X1

Therefore, her gain or loss on the sale can be calculated as follows

= $300-$320

= $20 loss

Hence Karen has a loss of $20 on the sale

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Results are below.

Explanation:

Giving the following information:

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7 0
3 years ago
Why is it important to distinguish between unilateral and mutual mistakes?
SVEN [57.7K]

Answer:

The correct answer is because it determines which contracts could be voidable

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Answer:

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