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15-16 pls Wilcox received 100 shares of stock from his brother as a gift on April 1 of this year. His brother had purchased this
15-16 pls
Wilcox received 100 shares of stock from his brother as a gift on April 1 of this year. His brother had purchased this stock for $5 per share in 1983 and the stock's market value was $7 per share on April 1 of this year. Wilcox sold all 100 shares for $10 per share on August 1 of this year and repurchased 50 of these shares for $9 per share on August 12 of this year. Wilcox had no other capital transactions. By what amount, if any, will the sale on August 1 increase Wilcox's gross income? 16. Bob, a single guy, inherited a house worth $300,000 on April 1 , Year 1. His deceased uncle had purchased it for $420,000 and, as of his death, the uncle had depreciated this house as a rental property to $294,000. When the uncle died on March 1 , year 1 , the inherited property was worth $326,000. Bob moved into this house immediately after inheriting it. If Bob sells this house in Year 4 for $600,000, how much gain must recognizeStep by Step Solution
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