Monte inherited 1,000 shares of Corporation Zero stock from his father who died...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Monte inherited 1,000 shares of Corporation Zero stock from his father who died on March 4, 2017. His father paid $45 per share for the stock on February 2, 2017. The FMV of the stock on March 4, 2017, was $50 per share. On September 4, 2017, the FMV of the stock was $55 per share. The executor did not elect the alternate valuation date. Monte sold the stock for $65 per share on October 10, 2017. What is the amount of the recognized gain? A. $0 B. $10,000 C. $15,000 D.$20,000 Monte inherited 1,000 shares of Corporation Zero stock from his father who died on March 4, 2017. His father paid $45 per share for the stock on February 2, 2017. The FMV of the stock on March 4, 2017, was $50 per share. On September 4, 2017, the FMV of the stock was $55 per share. The executor did not elect the alternate valuation date. Monte sold the stock for $65 per share on October 10, 2017. What is the amount of the recognized gain? A. $0 B. $10,000 C. $15,000 D.$20,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
