Donna owns 1000 shares of Sports Corp stock purchased in January 2016 for $30,000 On January 11, 2018, she receives 300 taxable stock rights valued at $6 with the right to purchase additional shares at $32 How much income does Donna have What is the basis in the rights When does the holding period of the rights begin On February 19, 2019, Darren exercises 150 rights and sells the remaining 150 rights for $8 each What is the basis of each new share When does the holding period begin How much and what kind of gain does she have on the sale of the rights Frank Fire sold some common stock to his brother Jake for $12,000, the current market price He paid $15,000 for the stock two years ago The stock market recovered rapidly and three months later Tim sold the stock to a business acquaintance for $16,000 How much gain or loss should Frank and Jake report Jessica Swan owned a farm with an adjusted basis of $390,000 which was condemned by the state She received a $470,000 condemnation award and purchased a new farm for $420,000 within one year What is Jessica 's recognized gain What is Jessica 's basis in his new farm Jake and Jane Davidson sold for $380,000 in November of 2018 their residence that they had purchased in 2008 for $75,000 They made major capital improvements during their 10 year ownership totaling $25,000 What is their excluded gain How much must they recognize Kate Gone died on February 16, 2018, leaving GBS Corporation stock to her son, Mark Kate purchased the stock for $30,000 on November 22, 2017, and the fair market value on the date of her death was $38,000 Mark received the stock on April 26, 2018, when the value was $43,000 On June 23, 2018, Mark sold the stock for $44,000 Does he have short term or long term capital gain or loss and how much Ryan Seerr purchased Queenn Corporation stock on March 18, 2017, and on December 23, 2017, she gave the stock to her son, Chip He paid $12,000 for the stock and the fair market value at the time of the gift was $13,000 On October 14, 2018, Chip sold the stock for $14,500 Does Chip have short term or long term gain or loss and how much

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Donna owns 1000 shares of Sports Corp. stock purchased in January 2016 for $30,000. On January 11, 2018, she receives 300 taxable stock rights valued

Donna owns 1000 shares of Sports Corp. stock purchased in January 2016 for $30,000. On January 11, 2018, she receives 300 taxable stock rights valued at $6 with the right to purchase additional shares at $32.
1. How much income does Donna have? What is the basis in the rights? When does the holding period of the rights begin?
2. On February 19, 2019, Darren exercises 150 rights and sells the remaining 150 rights for $8 each. What is the basis of each new share? When does the holding period begin? How much and what kind of gain does she have on the sale of the rights?
Frank Fire sold some common stock to his brother Jake for $12,000, the current market price. He paid $15,000 for the stock two years ago. The stock market recovered rapidly and three months later Tim sold the stock to a business acquaintance for $16,000. How much gain or loss should Frank and Jake report?
Jessica Swan owned a farm with an adjusted basis of $390,000 which was condemned by the state. She received a $470,000 condemnation award and purchased a new farm for $420,000 within one year.
1. What is Jessica 's recognized gain?
2. What is Jessica 's basis in his new farm?
Jake and Jane Davidson sold for $380,000 in November of 2018 their residence that they had purchased in 2008 for $75,000. They made major capital improvements during their 10-year ownership totaling $25,000.
1. What is their excluded gain? How much must they recognize?
Kate Gone died on February 16, 2018, leaving GBS Corporation stock to her son, Mark. Kate purchased the stock for $30,000 on November 22, 2017, and the fair market value on the date of her death was $38,000. Mark received the stock on April 26, 2018, when the value was $43,000. On June 23, 2018, Mark sold the stock for $44,000. Does he have short-term or long-term capital gain or loss and how much?
Ryan Seerr purchased Queenn Corporation stock on March 18, 2017, and on December 23, 2017, she gave the stock to her son, Chip. He paid $12,000 for the stock and the fair market value at the time of the gift was $13,000. On October 14, 2018, Chip sold the stock for $14,500. Does Chip have short-term or long-term gain or loss and how much?