Q.7 Abigail and Darcy are married. In 2019 they sold there home, which they had...
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Q.7 Abigail and Darcy are married. In 2019 they sold there home, which they had purchased in 2015, and lived in it since 2016. They sold the house for $935,000. They purchased the house for $320,000 and made improvements costing $60,000. Abigail and Darcy immediately purchased another home for $985,000. What is their recognized gain in 2019 from the sale of the home assuming this is the only home they ever sold? Explain your answer. Q.8 Cole owns 2,000 shares of stock in Chase Corporation, worth $75 per share. The 2,000 shares were purchased in 2015 for $48 per share. In 2019, the corporation issues a 10% stock dividend to all common shareholders with an option of receiving either the stock or the cash equivalent of $26,000. Cole selected the stock. What is Cole's gross income from the above? Explain you
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