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Omar owns 175 shares of stock in an S corporation, which he purchased for $50 per share. He gave 25 shares to his daughter, Joy.
Omar owns 175 shares of stock in an S corporation, which he purchased for $50 per share. He gave 25 shares to his daughter, Joy. He also sold five shares to his friend, Bobby, for $62 a share. What is Omar, Joy, and Bobby's basis after those transactions? A. Omar: $7,250: Joy; $1,250; Bobby; $250 B. Omar; $7,250; Joy; $1,250; Bobby; $310 C. Omar; $8,750; Joy; $1,250; Bobby; $250 D. Omar; $8,750; Joy; $1,250; Bobby; $310
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