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How much gross income must Donna recognize

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Reference no: EM132670499

Problem - Donna owns 800 shares of common stock in Macaw Corporation (adjusted basis of $40,000). She receives a 5% stock dividend when the stock is selling for $60 per share.

Required -

a. How much gross income must Donna recognize because of the stock dividend?

b. What is Donna's basis for her 840 shares of stock?

Reference no: EM132670499

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