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Problem - On April 5, 2017, Gustavo was granted an NQSO for 200 shares of common stock at $50 per share. On the date of the grant, there was no readily ascertainable fair market value for the option. Gustavo exercised the options on March 31, 2018, when the stock was selling for $60 per share. He sold the shares on December 1, 2019, for $75 per share.
Required -
a. What amount and type of income, if any, will Gustavo have on the exercise date?
b. What amount and type of income, if any, will Gustavo have on the date of the sale?
Morganton Company makes one product and it provided the following information to help prepare the master budget. What are the budgeted sales for July?
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