Shirley Swift transferred property with an adjusted basis of $24,000 and a fair market value of $18,000
Question:
Shirley Swift transferred property with an adjusted basis of $24,000 and a fair market value of $18,000 to Alex Corporation in exchange for 100 shares of its Section 1244 stock. Three years later, in 2019, Shirley sold 50 shares of the stock for $7,200.
What is the nature and the amount of gain or loss for Shirley?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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