Question
Tyneka inherited 1,000 shares of aqua, Inc stock from Joe. Joe's basis was $35,000 and the fair market value on July 1, 2014 (the date
Tyneka inherited 1,000 shares of aqua, Inc stock from Joe. Joe's basis was $35,000 and the fair market value on July 1, 2014 (the date of death) was $45,000. The shares were distributed to Tyneka on July 15, 2014. Tyneka sold the stock on July 30, 2015 for $33,000. After giving the matter more thought, she decides that Aqua is a good investment and purchases 1,000 shares purchased on August 20, 2015. A). What is Tyneka's basis for the $1,000 shares purchased on August 20, 2015? B). Could Tyneka have obtained different tax consequences in (a) if she had sold the 1,000 shares on December 27, 2014 and purchased the 1,000 shares on January 5, 2015?
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