On July 1, year 1, Lila Perl paid $90,000 for 450 shares of Janis Corporation...
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Accounting
On July 1, year 1, Lila Perl paid $90,000 for 450 shares of Janis Corporation common stock. Lila received a nontaxable stock dividend of 50 new common shares in November of year 4. On December 20, year 5, Lila sold the 50 new shares for $11,000. What is Lila's basis in the 50 shares of stock she sold?
Income Tax
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