User Account

All Pages

What gain or loss does deirdre recognize on the sale

Assignment Help Accounting Basics
Reference no: EM13506451

Deirdre sold 100 shares of stock to her brother, James, for $2,400. Deirdre purchased the stock several years ago for $3,000.

a. What gain or loss does Deirdre recognize on the sale?
b. What amount of gain or loss does James recognize if he sells the stock for $3,200?
c. What amount of gain or loss does James recognize if he sells the stock for $2,600?
d. What amount of gain or loss does James recognize if he sells the stock for $2,000?

 

Reference no: EM13506451

Questions Cloud

Explain what mass of ammonium chloride should be added : What mass of ammonium chloride should be added to 2.65 L of a 0.165 M NH3 in order to obtain a buffer with a pH of 9.60
How should he treat the 2013 interest expense : George is unsure how he will treat the interest paid on the $20,000 loan. In 2013, George paid $1,200 interest expense on the loan. For tax purposes, how should he treat the 2013 interest expense?
Explain how many milligrams of iodine-123 should remain : If 8.8 mg of iodine-123 is used in an experiment, how many milligrams of iodine-123 should remain after 50 hours? Assume that iodine-123 has a half-life of 10 hours.
What is the character of the gain-loss : John bought 1,000 shares of Intel stock on October 18, 2010 for $30 per share plus a $750 commission he paid to his broker. On December 12, 2013, he sells the shares for $42.50 per share. He also incurs a $1,000 fee for this transaction.
What gain or loss does deirdre recognize on the sale : Deirdre sold 100 shares of stock to her brother, James, for $2,400. Deirdre purchased the stock several years ago for $3,000.
Define and discuss cyberstalking : Define and discuss cyberstalking. Give some examples of cyberstalking and how, if possible it can be avoided.
Find the average torque on the merry-go-round : A 40 kg child stands on the edge of a rotating merry-go-round with a radius of 2m. The moment of inertia of the merry-go-round is 200 kg-m^2. If the catch takes 0.4 seconds, find the average torque on the merry-go-round during the catch
What is the amount of his underpayment penalty : This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,000. Last year, his total tax liability was $15,000. He estimates that his tax withholding from his employer will be $7,800.
Function of punishment and the purpose of law : Differentiate between the function of punishment and the purpose of law according to the Durkheimian and Marxist perspectives. Discuss the two competing world views regarding the cause of delinquency that have existed over the centuries. What are t..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Not-for-profit organizations problem

The primary revenue source for not-for-profit organizations is contributions. Please define what a contribution is, and discuss how the different types of contributions are recognized as revenue (i.e. cash contributions, unconditional promise to g..

  Compute the eac machines

For both Machine use straight line depreciation to zero over the projects life and assume a salvage value of $40,000. if your tax rate is 35 percent and your discount rate is 10 percent , compute the EAC of both machines

  Total expenses for january

Larken Company's records show the following for the month of January: Total expenses for January were:

  While state and local governments are encouraged to

while state and local governments are encouraged to prepare a complete cafr what are the minimum requirements per gaap?

  Present value-an important concept for management

Why do you think present value is an important concept for management to understand? Do you think it should be used for all financial statements items, why or why not?

  Governmental activities journal

Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to..

  Source of constraint for manufacturing company

A machine has been identified as a bottleneck and the source of the constraint for a manufacturing company that has multiple products and multiple machines. Dicsuss ways the company can overcome the bottleneck.

  Net change in the budget of prevention costs

What is the net change in the budget of prevention costs if the procedures are automated in 2010? Will management agree with the changes?

  Beginning finsihed goods inventory

Management expects to sell 95,000 units of a product during the next fiscal period. How many units must be produced if the beginning inventory of finished goods amount to 5,000 units and management desires the ending finished goods inventory to eq..

  Prepare the journal entries to record the deferred

Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming a tax rate of 34%, prepare the journal entries to record the deferred tax provision and the valuation allowance.

  Preparing an amortization schedule

a. Prepare an amortization schedule for the three-year period. b. Organize the information in accounts under an accounting equation.

  Now provide an example of how the exclusionary rule can

provide an example of how the exclusionary rule may protect a person who is guilty of a crime. now give an example of

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd