Paul asks…Tax problem - like-kind exchange of stocks and bonds?Melvin receives stock as a gift from his uncle. The adjustedd basis of the stock is $14,000 and the fair market value is $20,000. Melvin trades the stock for bons with a fair market value of $17,000 and $3,000 cash. What is his recognized gain and the basis for the bonds?
a. $0, $11,000
b. $0, $17,000
c. $3,000, $14,000
d. $6,000, $17,000
e. None of the above.
I think that stocks and bonds can't be traded so the answer is E. Anyone agree or disagree?admin answers:You're
No comments:
Post a Comment