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Allen owns 100 shares of Prime Corp., a publicly-traded company, which Allen purchased on January 1, 2010, for $10,000. On January 1, 2013, Prime declared a 2-for-1 stock split when the fair market value (FMV) of the stock was $120 per share.
Immediately following the split, the FMV of Prime stock was $62 per share. On February 1, 2013, Allen had his broker specifically sell the 100 shares of Prime stock received in the split when the FMV of the stock was $65 per share. What amount should Allen recognize as long-term capital gain income on his Form 1040, U.S. Individual Income Tax Return, for 2013?
one role of seasoned experienced human resources professionals is to mentor junior professionals. you have decided to
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