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Jane, 53, has retired and taken a full distribution from her employee stock ownership plan (ESOP). Over the years, her employer made a total of
Jane, 53, has retired and taken a full distribution from her employee stock ownership plan (ESOP). Over the years, her employer made a total of $40,000 in contributions into the plan for her, and the stock is currently valued at $110,000. What would happen if Jane sold the stock for $111,000 six months after the distribution? How would any taxation be classified? Give the dollar amount for each category. (1.125 pts) $________ of ordinary income $________ of short-term capital gains $________ of long-term capital gains
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