Question
In November 2016, when his wife died, Thomas Dean left the Law firm he was working for and started his own practice so he could
In November 2016, when his wife died, Thomas Dean left the Law firm he was working for and started his own practice so he could have more time to spend with his four children (ages 14, 16, 19, and 24 years old). The three younger children live at home with their father. Danny, Thomas Dean's 19-year-old son, graduated from high school a year ago and is currently working at a local golf course. Danny earned $17,000 in the current year. Thomas Dean's oldest daughter, Laura, is married and lives in town with her husband, Chad. Laura graduated from college two years ago and now works for a local advertising agency.
On May 1,Thomas Dean purchased 1,000 shares in Genornics Ltd. for $10 per share. In December he was forced to sell all 1,000 shares at $8 per share to avoid a conflict of interest.
Thomas Deans stock transaction has the following tax consequence in $ Value:
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