Essay
Cheryl owns 200 shares of Cornerstone Corporation common stock which has an adjusted basis of $60,000 and a fair market value of $75,000.John owns 200 shares of Cable Corporation with a $75,000 fair market value.
a.If Cheryl and John exchange their stock,what is the amount of Cheryl's realized gain?
b.If Cheryl and John exchange their stock,what is the amount of Cheryl's recognized gain?
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a.$75,000 - $60,000 = $15,000 ...View Answer
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