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In January of Year 1, Joan Hill bought one share of Orban Corp. stock for...

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Accounting

In January of Year 1, Joan Hill bought one share of Orban Corp. stock for $300. On March 1, Year 4, Orban distributed one share of a new class of preferred stock for each share of common stock held. This distribution was nontaxable. On March 1, Year 4, Joan's one share of common stock had a fair market value of $450, while the preferred stock had a fair market value of $150. After the distribution of the preferred stock, Joan's bases for her Orban stocks are
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