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Aquarius is owned by two individuals, Ann and Brenda (who are unrelated unless stated otherwise). Ann owns 60 shares, which she bought at one time
Aquarius is owned by two individuals, Ann and Brenda (who are unrelated unless stated otherwise). Ann owns 60 shares, which she bought at one time for $10.00 per share and Brenda owns 40 shares, each with a basis of $30.00 per share.Ann sells 30 shares back to Aquarius for $600.00. Shortly thereafter, Brenda sells 10 shares to Aquarius for $200.00 in an exchange that had been agreed to in the preceding year. What result to both Ann and Brenda? What if Brenda sold 11 shares versus 10 shares
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