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Category > Accounting Posted 04 Jun 2017 My Price 4.00

What is the amount and character of Hannah’s recognized gain on the stock

35.   Hannah Tywin owns 100 shares of MM Inc. stock. She sells the stock on December 11 for $25 per share. She received the stock as a gift from her Aunt Pam on March 20 of this year when the fair market value of the stock was $18 per share. Aunt Pam originally purchased the stock seven years ago at a price of $12 per share. What is the amount and character of  Hannah’s recognized gain on the stock?

 

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Alpha Geek
(8)
Status NEW Posted 04 Jun 2017 07:06 AM My Price 4.00

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Attachments

file 1496563041-1385257_1_636321370702960109_Inherited-stock-sale.xlsx preview (174 words )
13-----------852-----------57&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------401-----------468-----------Gai-----------n O-----------n s-----------ale----------- of----------- st-----------ock-----------35.----------- Â-----------  H-----------ann-----------ah -----------Tyw-----------in -----------own-----------s 1-----------00 -----------sha-----------res----------- of----------- MM----------- In-----------c. -----------sto-----------ck.----------- Sh-----------e s-----------ell-----------s t-----------he -----------sto-----------ck -----------on -----------Dec-----------emb-----------er -----------11 -----------for----------- $2-----------5 p-----------er -----------sha-----------re.----------- Sh-----------e r-----------ece-----------ive-----------d t-----------he -----------sto-----------ck -----------as -----------a g-----------ift----------- fr-----------om -----------her----------- Au-----------nt -----------Pam----------- on----------- Ma-----------rch----------- 20----------- of----------- th-----------is -----------yea-----------r w-----------hen----------- th-----------e f-----------air----------- ma-----------rke-----------t v-----------alu-----------e o-----------f t-----------he -----------sto-----------ck -----------was----------- $1-----------8 p-----------er -----------sha-----------re.----------- Au-----------nt -----------Pam----------- or-----------igi-----------nal-----------ly -----------pur-----------cha-----------sed----------- th-----------e s-----------toc-----------k s-----------eve-----------n y-----------ear-----------s a-----------go -----------at -----------a p-----------ric-----------e o-----------f $-----------12 -----------per----------- sh-----------are-----------. W-----------hat----------- is----------- th-----------e a-----------mou-----------nt -----------and----------- ch-----------ara-----------cte-----------r o-----------f ----------- Ha-----------nna-----------hâ€-----------™s -----------rec-----------ogn-----------ize-----------d
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