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Gordon Gladstone owns 120 shares of Jones Corp. common stock which he purchased on June 10, 2015, for $1,800. One year later, he received a
Gordon Gladstone owns 120 shares of Jones Corp. common stock which he purchased on June 10, 2015, for $1,800. One year later, he received a 25 percent nontaxable common stock dividend. On December 16, 2016, he sold 85 shares at $20 a share. What is the basis of the shares sold and what is Gordon's gain upon sale?
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