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3. Five years ago, Debbie purchased 1,000 shares of common stock in Jones Corporation for $21,000. In the current year, Debbie receives a nontaxable stock
3. Five years ago, Debbie purchased 1,000 shares of common stock in Jones Corporation for $21,000. In the current year, Debbie receives a nontaxable stock dividend of 50 shares of Jones preferred. Total values at the time of the dividend are: $50,000 for the preferred and $100,000 for the common. Based on this information, what is Debbies basis
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