Explain what was bennett basis in fedderman shares

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Reference no: EM132620667

On January 3, 20X1, Bennett and Malik each owned 100 shares of the 200 issued shares of Fedderman stock. Bennett's basis in Fedderman shares on that date was $11,900. Bennett sold all of his Fedderman shares to Gibbs on January 31, 20X1, and Fedderman made a valid election to terminate its tax year. Bennett's share of ordinary income from Fedderman prior to the sale was $2,700. Fedderman made a cash distribution of $1,300 to Bennett on January 30, 20X1.

Problem 1: What was Bennett's basis in Fedderman shares for determining gain or loss from the sale to Gibbs.

Reference no: EM132620667

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