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Under the terms of their divorce agreement executed in August of this year, Clint transferred Beta, ...

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Under the terms of their divorce agreement executed in August of this year, Clint transferred Beta, ...

Under the terms of their divorce agreement executed in August of this year, Clint transferred Beta, Inc. stock to his former wife, Rosa, as a property settlement. At the time of the transfer, the stock had a basis to Clint of $55,000 and a fair market value of $68,000. Rosa subsequently sold the stock for $75,000. What is the tax consequence of first the stock transfer and then the stock sale to Rosa?
A) Rosa's Income   Rosa's Income
From Stock Transfer   From Stock Sale
$0   $20,000 capital gain
B) Rosa's Income   Rosa's Income
From Stock Transfer   From Stock Sale
$0   $7,000 capital gain
C) Rosa's Income   Rosa's Income
From Stock Transfer   From Stock Sale
$13,000   $7,000 capital gain
D) Rosa's Income   Rosa's Income
From Stock Transfer   From Stock Sale
$13,000   $20,000 capital gain

Textbook

Prentice Hall's Federal Taxation: 2011: Individuals

Edition: 14^th

Authors: Pope, Anderson, Kramer

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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer

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Augustus1 Author

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7 years ago

Your explanation helped, amazing amazing!

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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer

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