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Jennifers basis for the stock immediately before the sale

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On January 31 of this year, Jennifer pays $700 for an option to acquire 100 shares of Lifetime Corporation common stock for $70 per share. Jennifer exercises the option on June 2. Jennifer sells the stock on April 30 of next year for $10,000. Jennifer's basis for the stock immediately before the sale is

A) $0.
B) $700.
C) $7,000.
D) $7,700.

Reference no: EM131762915

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