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(Stock repurchase and taxes) The Barryman Drilling Company is planning on repurchasing $1.09 million worth of the company's 540,000 shares of stock, which is currently
(Stock repurchase and taxes) The Barryman Drilling Company is planning on repurchasing $1.09 million worth of the company's 540,000 shares of stock, which is currently trading at a price of $10.86 per share. Stan Barryman is the founder of the company and still holds 12,000 shares of company stock that he originally purchased for $7.55 per share. If Stan decides to sell 2,300 of his shares for $10.86 a share, what will be his after-tax proceeds where capital gains are taxed at 15 percent? Stan's after-tax proceeds from the sale are $ . (Round to the nearest dollar.)
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