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Gladys owned 100% of the stock until september 13, 2021, when she sold 1% to pete. Both officers devoted 100% of their time to the
Gladys owned 100% of the stock until september 13, 2021, when she sold 1% to pete. Both officers devoted 100% of their time to the corporation.
the ordinary income for the year 2021 is 71,499
On June 5, 2021 450 shares of Cotton corp. common stock was sold. the company bought 1,800 shares of the stock on june 2, 2012 for $5,508. the stock was split 3 for 1 on February 21, 2015.
What is the allocable amount for gladys and pete for their ordinary income and the long term capital gain?
What is the percentage for Gladys and Pete at the end of 2021?
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