Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. k sold 4,000 shares of a public company for $16,00

K sold 4,000 shares of a public company for $16,000. Before the sale, K owned...

90.2K

Verified Solution

Question

Accounting

K sold 4,000 shares of a public company for $16,000. Before the sale, K owned 12,000 shares; an initial 7,000 were purchased for $14,000 and an additional 5,000 were purchased for $13,000 twenty days before the sale. What amount is to be reported in net income for tax purposes?

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

Chemistry
1.2K views

The formation of tetrafluoroethylene from its elements is highly exothermic: 2F2(g) + 2C(s) ↔ F2C=CF2(g) (a) If a...

Physics
1.2K views

In a particular Millikan oil-drop apparatus, the plates are 2.25 cm apart. The oil used has...

Electrical Engineering
1.2K views

What is 3G TD-SCDMA? Describe briefly some of its some advantages.

Civil Engineering
1.2K views

Calcium, magnesium, iron, manganese, nitrate, nitrite, chloride, and sodium are some of the most abundant ions present...

Advance Math
1.2K views

MATLAB. Design your own low-cut shelving filter which can cut the low frequency of given music...

Basic Math
1.2K views

Axel swam 32 laps at the pool. Thenumber of laps that he swam was 2more...

Statistics
1.2K views

The following bar graph represents the number of dogs and cats tre Number 10 D...

Algebra
1.2K views

44 The function graphed below is increasing on which interval y 84 6 8 6...

Accounting
1.2K views

Sketel Company issued $100,000 six-year bonds on January 1, 2019. The coupon rate for these...

Accounting
1.2K views

I do not know what wrong i am doing... could you please remark my mistake...

Accounting
1.2K views

A company purchased 100 units for $ 60 each on January 31. It purchased 200...

Accounting
1.2K views

Sage Hill Corporation recorded a right-of-use asset for $312,900 as a result of a finance...