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Required information Problem 12-35 (LO 12-2) (Static) [The following information applies to the questions displayed below] On January 1, year 1, Jessica received 10,000 shares

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Required information Problem 12-35 (LO 12-2) (Static) [The following information applies to the questions displayed below] On January 1, year 1, Jessica received 10,000 shares of restricted stock from her employer, Rocket Corporation. On that date, the stock price was $10 per share. On receiving the restricted stock, Jessica made an 83(b) election, Jessica's restricted shares will all vest at the end of year 4 . After the shares vest, she intends to sell them immediately to fund an around-the-world cruise. Unfortunately, Jessica decided that she couldn't wait four years and she quit her job to start her cruise on January 1 , year 3 . Note: Leave no answer blank. Enter zero if applicable. Problem 12-35 Part a (Static) What are Jessica's taxes due in year 1 assuming her marginal tax rate is 35 percent and her long-term capital gains rate is 15 ercent

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