Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in year 4, richards parents sold 100 shares of tec

In Year 4, Richards parents sold 100 shares of Techno stock to Richard for $55,000....

80.2K

Verified Solution

Question

Accounting

  1. In Year 4, Richards parents sold 100 shares of Techno stock to Richard for $55,000. The parents paid $75,000 for the stock in Year 1. Subsequently in Year 4, Richard sold the stock to an unrelated third party for $80,000. What amount of gain should Richard report on the Year 4 income tax return?

  1. $0

  1. $5,000

  1. $20,000

  1. $25,000

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!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Find the exact volume of the solid obtained by rotating the region { (x, y) :...

Biology
1.2K views

11 In printing an article of 48 000 words a printer decides to use two...

Geometry
1.2K views

Use the Law of Detachment to draw a conclusion from the two givenstatements. If two...

Basic Math
1.2K views

tan 0 cos 0 sin 0 Which of the following four statements verifies the identity...

Basic Math
1.2K views

Suppose that a person with a push mower can mow a large lawn in 9...

Algebra
1.2K views

Use a half angle identity to find the exact value cos 165 Which half angle...

Accounting
1.2K views

Auditors use financial statements in assessing the fair presentation of a companys financial results. Organizations...

Accounting
1.2K views

You have been hired as the new controller for the Ralston Company. Shortly after joining...

Accounting
1.2K views

QUESTION 1 (Semester 1 2018 exam...

Accounting
1.2K views

Grape Pesticide Inc. established the following standard price and costs for a termite control product...

Accounting
1.2K views

An employee in Manitoba earns $750.00 per week and has a weekly non-cash taxable benefit...

Accounting
1.2K views

Solve for a simple interest note: (Round your answers to the nearest cent.) Face Value=...