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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 80IIP

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7

JP undertook the following share transactions:
On January 1, Year 1, JP purchased 30 shares of Micron Co. for $5 per share.
On June 30, Year 2, JP sold all 30 shares of Micron Co. for $3 per share.
On July 15, Year 2, JP purchased 20 shares of Micron Co. for $2 per share.
On July 17, Year 2, JP sold 20 shares of Micron Co. for $2.50 per share.
On August 22, Year 2, JP purchased 50 shares of Micron Co. for $3.75 per share.
In the table below, enter the amount for each corresponding tax component on the date requested.
Enter all gains as positive, whole values and losses as negative, whole values. If a response is zero,
enter a zero (O).
Tax components
1. Basis in shares
2. Realized gain (loss)
3. Recognized gain (loss)
Transaction date
June 30, Year 2
Transaction date
July 17, Year 2
Transaction date
August 22, Year 2

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