#9

9. Shirley sold her personal residence to Mike for $400,000. Before the sale, she paid the real estate taxes of $7,030 for the calendar year. For income tax purposes, the deduction is apportioned as follows: $4,000 to Shirley and $3,030 to Mike. a. What is Mike's basis in the residence? b. What is Shirley's amount realized from the sale of the residence? c. What amount of real estate taxes can Mike deduct? d. What amount of real estate taxes can Shirley deduct? 10. Mitch owns 1,000 shares of Oriole Corporation common stock (adjusted basis of $15,000). On April 27, 2021, he sells 400 of these shares for $5,200, while on May 5, 2021, he purchases 300 shares of Oriole Corporation for $3,600