Panther Corporaton owns 50,000 shares of Northem Corporation common stock, which t purchased on March 8, 2011, for $750,000 On October 3, 2017, Panther purchases an additional 20,000 shares for $280,000. On October 12, 2017, it sells the original 50,000 shares for $675,000. On November 1,2017, it purchases an additional 25,000 shares for $275,000 Read the requirements Requirement a. What is Panther's recognized gain or loss as a result of the sale on October 12.2017? Panther would recognize a of $ sas a result of the sale on October 12, 2017 Requirement b. What are the basis and the holding period of the stock Panther continues to hold? (Do not round interim calculations Only round the amount you Basis Holding penod begins 20,000 purchased on October 3, 2017 25,000 purchased on November 1,2017 Requirement c. How would your answers to Parts a and b change if the stock Panther purchases during 2017 is Northern nonvoting, nonconvertible, preferred stocik instead of Northern common stock? Nonvoting, nonconvertible preferred stock substantialy ldentical to common stock in the same corporation Thus,in this scenario Panther would recognize a os Complete the table below to show Panther's basis and the holding poriod of the stock it continu to hold assuming that the stock held is nonvoting, nonconvertible, preferred stock instead of Northern common stock Panther Corporaton owns 50,000 shares of Northem Corporation common stock, which t purchased on March 8, 2011, for $750,000 On October 3, 2017, Panther purchases an additional 20,000 shares for $280,000. On October 12, 2017, it sells the original 50,000 shares for $675,000. On November 1,2017, it purchases an additional 25,000 shares for $275,000 Read the requirements Requirement a. What is Panther's recognized gain or loss as a result of the sale on October 12.2017? Panther would recognize a of $ sas a result of the sale on October 12, 2017 Requirement b. What are the basis and the holding period of the stock Panther continues to hold? (Do not round interim calculations Only round the amount you Basis Holding penod begins 20,000 purchased on October 3, 2017 25,000 purchased on November 1,2017 Requirement c. How would your answers to Parts a and b change if the stock Panther purchases during 2017 is Northern nonvoting, nonconvertible, preferred stocik instead of Northern common stock? Nonvoting, nonconvertible preferred stock substantialy ldentical to common stock in the same corporation Thus,in this scenario Panther would recognize a os Complete the table below to show Panther's basis and the holding poriod of the stock it continu to hold assuming that the stock held is nonvoting, nonconvertible, preferred stock instead of Northern common stock
