Multiple Choice
Jessica owned 200 shares of OK Corporation with a basis of $12,000 and a FMV of $24,000.Jessica received 20 stock rights as a nontaxable distribution with a total FMV of $8,000.Jessica sold the stock rights for $4,000.Jessica's gain or loss on the sale was
A) $1,000.
B) $3,000.
C) $4,000.
D) ($4,000) .
Correct Answer:
Verified
Correct Answer:
Verified
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