In 2006, Duncan purchased 2,000 shares of stock for $50,000 in a midsize local company with gross
Question:
In 2006, Duncan purchased 2,000 shares of stock for $50,000 in a midsize local company with gross assets of $15,000,000. In 2018, Duncan sold the stock for $68,000. How is the gain treated for tax purposes?
a. $18,000 capital gain and taxed at preferential rates.
b. $9,000 excluded from gross income under §1202 and $9,000 taxed at regular rates.
c. $9,000 excluded from gross income under §1202 and $9,000 taxed at 28%.
d. $13,500 excluded from gross income under §1202 and $4,500 taxed at preferential rates.
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c 9000 excluded from gross income under 1202 and 9000 taxed at 28 Feedback There are sp...View the full answer
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