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Harold, a single taxpayer, acquired 100 shares of O&B manufacturing stock in 2016 at original issuance from the corporation. Harold's O&B stock meets all the
Harold, a single taxpayer, acquired 100 shares of O&B manufacturing stock in 2016 at original issuance from the corporation. Harold's O&B stock meets all the requirements of being qualified small business stock under Section 1202. The cost of the shares was $5,000,000 (i.e., adjusted basis is $5,000,000). Harold sells all the shares in 2023 for $17,000,000. How much gain will Harold recognize?
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South-Western Federal Taxation 2018 Comprehensive
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
41st Edition
1337386006, 978-1337386005
