Mike sold the following shares of stock in 2014: Date Purchased...
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Accounting
Mike sold the following shares of stock in 2014:
Date Purchased Adjusted Basis Date Sold Sales Proceeds
S Corp. 7/25/2007 $4,800 9/25 $9,500
O Corp. 5/17/2008 1,600 6/07 1,100
C Corp. 1/04/2009 3,900 8/25 7,500
K Corp. 11/02/2013 2,500 10/01 1,800
What are the tax consequences of these transactions, assuming his marginal tax rate is (a) 33% and (b) 39.6%? Ignore the medicare tax on net investment income.
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