John bought 2,100 shares of Intel stock on October 18, 2017, for $52 per share plus a $750 commission he paid to his broker. On December 12, 2021, he sells the shares for $75.50 per share. He also incurs a $1,000 fee for this transaction. a. What is John’s adjusted basis in the 2,100 shares of Intel stock? b. What amount does John realize when he sells the 2,100 shares? c. What is the gain/loss for John on the sale of his Intel stock? Gain?
John bought 2,100 shares of Intel stock on October 18, 2017, for $52 per share plus a $750 commission he paid to his broker. On December 12, 2021, he sells the shares for $75.50 per share. He also incurs a $1,000 fee for this transaction. a. What is John’s adjusted basis in the 2,100 shares of Intel stock? b. What amount does John realize when he sells the 2,100 shares? c. What is the gain/loss for John on the sale of his Intel stock? Gain?
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 1RP
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John bought 2,100 shares of Intel stock on October 18, 2017, for $52 per share plus a $750 commission he paid to his broker. On December 12, 2021, he sells the shares for $75.50 per share. He also incurs a $1,000 fee for this transaction.
a. What is John’s adjusted basis in the 2,100 shares of Intel stock?
b. What amount does John realize when he sells the 2,100 shares?
c. What is the gain/loss for John on the sale of his Intel stock?
Gain?
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