(Stock repurchase and taxes) The Barryman Drilling Company is planning on repurchasing $1.00 million worth...
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(Stock repurchase and taxes) The Barryman Drilling Company is planning on repurchasing $1.00 million worth of the company's 450,000 shares of stock, which is currently trading at a price of $10.04 per share. Stan Barryman is the founder of the company and still holds 15,000 shares of company stock that he originally purchased for $8.37 per share. If Stan decides to sell 2,900 of his shares for $10.04 a share, what will be his after-tax proceeds where capital gains are taxed at 15 percent? Stan's after-tax proceeds from the sale are $ (Round to the nearest dollar.)
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