Crystal owns 189 shares of Carson Incorporated stock that has an adjusted basis of $138,915. On December 18, 2022, she sells the shares for FMV ($120,960). On January 7, 2023, she purchases 252 shares of Carson stock for $194,796. Required: a. What are Crystal's realized and recognized gain or loss on the sale of the 189 shares sold on December 18, 2022? b. What is Crystal's adjusted basis for the shares purchased on January 7, 2023? c. How would your answers in parts (a) and (b) change if she purchased only 126 shares for $103,950 in January? Note: Do not round intermediate computations. Note: For all requirements, if no gain or loss is recognized, select "No gain or loss". a. a. ن ان ها b. Adjusted basis of shares C. C. Amount
Crystal owns 189 shares of Carson Incorporated stock that has an adjusted basis of $138,915. On December 18, 2022, she sells the shares for FMV ($120,960). On January 7, 2023, she purchases 252 shares of Carson stock for $194,796. Required: a. What are Crystal's realized and recognized gain or loss on the sale of the 189 shares sold on December 18, 2022? b. What is Crystal's adjusted basis for the shares purchased on January 7, 2023? c. How would your answers in parts (a) and (b) change if she purchased only 126 shares for $103,950 in January? Note: Do not round intermediate computations. Note: For all requirements, if no gain or loss is recognized, select "No gain or loss". a. a. ن ان ها b. Adjusted basis of shares C. C. Amount
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 68P
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Transcribed Image Text:Crystal owns 189 shares of Carson Incorporated stock that has an adjusted basis of $138,915. On December 18, 2022, she sells the 189
shares for FMV ($120,960). On January 7, 2023, she purchases 252 shares of Carson stock for $194,796.
Required:
a. What are Crystal's realized and recognized gain or loss on the sale of the 189 shares sold on December 18, 2022?
b. What is Crystal's adjusted basis for the shares purchased on January 7, 2023?
c. How would your answers in parts (a) and (b) change if she purchased only 126 shares for $103,950 in January?
Note: Do not round intermediate computations.
Note: For all requirements, if no gain or loss is recognized, select "No gain or loss".
a.
a.
b. Adjusted basis of shares
C.
C.
c. Adjusted basis of shares
Amount
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