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On May 1, 2011, Jeff Cook acquired stock in Gemmell Corporation for $250,000. Gemmell is a qualified small business corporation for Code Sec. 1202 purposes.
On May 1, 2011, Jeff Cook acquired stock in Gemmell Corporation for $250,000. Gemmell is a qualified small business corporation for Code Sec. 1202 purposes. This is the only stock in Gemmell that Jeff owns. On June 30, 2019, Jeff sold the stock for $3,000,000. As a result of the sale, Jeff recognizes gain of:
- a. $0
- b. $250,000
- c. $500,000
- d. $2,750,000
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