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Sheena Maskell Sheena Maskell
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7 years ago
Under the terms of their divorce agreement, Humphrey transferred Corporation H stock to his former wife, Greta as a property settlement. At the time of the transfer, the stock had a basis to Humphrey of $40,000 and a fair market value of $55,000. What is the tax consequence of this transaction to Humphrey, and what is Greta's basis in the Corporation H stock?
A) Humphrey has no gain or loss; Greta's basis is $55,000
B) Humphrey has no gain or loss; Greta's basis is $40,000
C) Humphrey has a gain of $15,000; Greta's basis is $55,000
D) Humphrey has a gain of $15,000; Greta's basis is $40,000
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Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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Yoko900Yoko900
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