Philip and Suzie Levi purchased Section 1202 (qualified small business) stock for $52,000 back in 2007. The

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Philip and Suzie Levi purchased Section 1202 (qualified small business) stock for $52,000 back in 2007. The Levis sold the stock in 2014 for $235,000. The Levis’ realized and recognized gain on the sale is:

a. $183,000 and $45,750, respectively.

b. $91,500 and $0, respectively.

c. $183,000 and $91,500, respectively.

d. $100,000 and $50,000, respectively.

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Essentials Of Federal Income Taxation For Individuals And Business

ISBN: 9780808038009

15th Edition

Authors: Linda M. Johnson

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Question Posted: Oct 12, 2024 03:02 AM

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Philip and Suzie Levi purchased Section 1202 (qualified small business) stock for $52,000 back in 2007. The

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Essentials Of Federal Income Taxation For Individuals And Business

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