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1. This year Bill purchased 1,000 shares of Cain common stock for $12 per share. At year-end the Cain shares were worth $32 per share.
1. This year Bill purchased 1,000 shares of Cain common stock for $12 per share. At year-end the Cain shares were worth $32 per share. What amount must Bill include in income this year?A. $12,000.B. $20,000.C. $32,000.D. Bill can deduct $12,000 because his cost is a return of capital.E. None of the above Bill has not realized any gain
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Principles Of Auditing An Introduction To International Standards On Auditing
Authors: Rick Stephan Hayes, Roger Dassen, Arnold Schilder, Philip Wallage
2nd Edition
0273684108, 978-0273684107
