Part H of Comprehensive Tax Problem 2. Does this go on form 8582? forms needed all together: 1040, S1, S2, S3, Sa, Sb, Sc, Sd, Se, Sse, 4562, 8283, 8582, 8863, 8949, 8995
h. The Wilsons had the following property transactions for 2019 1. Anna sold 300 shares of Chevron Corporation stock on September 9, 2019, in order to pay for Michael's fall semester of college. She received a check in the amount of $14,950 from Merrill Lynch on September 16, 2019. The stock was from a block of 1,000 shares that Richard and Anna had purchased for $35 per share on February 1, 2006. 2. They gave each of the children 100 shares of Chevron stock on December 30, 2019, when the stock was valued at $62.50 per share. The stock was from the same block of stock purchased for $35 per share in February, 2005. No gift taxes were paid on these gifts. 3. They gave 100 shares of Chevron stock to Richard's alma mater, Rider University, on December 29, 2019. The average trading price of Chevron stock on that day was $61.25. This stock was also from the original block of 1,000 shares the Wilsons had purchased for $35 per share in 2006. The address of Rider University is 2083 Lawrenceville Road, Lawrenceville, New Jersey 08648. 4. On May 17, 2019, Richard and Anna were notified by the bankruptcy judge handling the affairs of Bubbling Crude Oil Company in Houston, Texas, that the company's shareholders would not receive anything for their stock ownership because all of the assets were used to satisfy claims of creditors. Richard had purchased 2,000 shares of the stock for $6 per share on April 1, 2010. Unfortunately, the stock did not meet the require- ments of 1244. h. The Wilsons had the following property transactions for 2019 1. Anna sold 300 shares of Chevron Corporation stock on September 9, 2019, in order to pay for Michael's fall semester of college. She received a check in the amount of $14,950 from Merrill Lynch on September 16, 2019. The stock was from a block of 1,000 shares that Richard and Anna had purchased for $35 per share on February 1, 2006. 2. They gave each of the children 100 shares of Chevron stock on December 30, 2019, when the stock was valued at $62.50 per share. The stock was from the same block of stock purchased for $35 per share in February, 2005. No gift taxes were paid on these gifts. 3. They gave 100 shares of Chevron stock to Richard's alma mater, Rider University, on December 29, 2019. The average trading price of Chevron stock on that day was $61.25. This stock was also from the original block of 1,000 shares the Wilsons had purchased for $35 per share in 2006. The address of Rider University is 2083 Lawrenceville Road, Lawrenceville, New Jersey 08648. 4. On May 17, 2019, Richard and Anna were notified by the bankruptcy judge handling the affairs of Bubbling Crude Oil Company in Houston, Texas, that the company's shareholders would not receive anything for their stock ownership because all of the assets were used to satisfy claims of creditors. Richard had purchased 2,000 shares of the stock for $6 per share on April 1, 2010. Unfortunately, the stock did not meet the require- ments of 1244
