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kondaur [170]
2 years ago
15

Monte inherited 1,000 shares of Corporation Zero stock from his father who died on March 4, 2020. His father paid $44 per share

for the stock on February 2, 2019. The FMV of the stock on March 4, 2020, was $48 per share. Monte sold the stock for $54 per share on October 10, 2020. What is the amount and character of the gain or loss that Monte recognizes
Business
1 answer:
Marina86 [1]2 years ago
6 0

Answer:

$6,000 LTCG

Explanation:

Calculation to determine the amount and character of the gain or loss that Monte recognizes

Using this formula

Recognized gain or loss =Amount realized -Basis

Let plug in the formula

Recognized gain or loss=(1,000 Shares*$54 per share)-(1,000shares*$48 per share)

Recognized gain or loss=$54,000-$48,000

Recognized gain or loss=$6,000 LTCG

Therefore the amount and character of the gain or loss that Monte recognizes is $6,000 LTCG reason been the any gain Amount on the sales of property that was inherited are often tend to be LTCG

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Answer:

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Explanation:

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Question 7 of 10
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What makes online payment services necessary? A. Individuals who sell items online cannot afford to deal with credit card compan
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3 years ago
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In standstill water a steam boat is accelerated 3 m per square from position of rest in an interval of 8 sec determine the dista
iragen [17]

<h2>Given:-</h2>

  • Acceleration ,a = 3m/s

  • Initial velocity ,u = 0m/s

  • Time taken ,t = 8s

<h3>To Find:-</h3>

  • Distance travel by the boat ,s
<h3 /><h3>Solution:-</h3>

We have to calculate the distance covered by the boat in given time interval. Using 2nd equation of motion

<h3>s = ut + 1/2at²</h3><h3 />

where,

v is the final velocity

a is the acceleration

u is the initial velocity

t is the time taken

s is the distance covered

Substitute the value we get

:⟹ s = 0×8 + 1/2×3 × 8²

:⟹ s = 0 + 1/2 × 3 × 64

:⟹ s = 3/2 × 64

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Pharoah Corporation engaged in the following cash transactions during 2020. Sale of land and building $187,600 Purchase of treas
Alla [95]

Answer:

See below

Explanation:

The computation of net cash provided is seen below

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Less:

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