Rick Recently Received 545 Shares of Restricted Stock from His

Essay

Rick recently received 545 shares of restricted stock from his employer, Crazy Corporation, when the share price was $14 per share. Rick's restricted shares vested three years later, when the market price was $21. Rick held the shares for a little more than a year and sold them when the market price was $24. What is the amount of Rick's gain on the sale of the stock? Assuming a marginal tax rate of 37 percent, what is Rick's tax on the sale of the stock?