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What amount is to be reported in net income for tax purposes

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Reference no: EM132779750

Problem 1: Allen sold 2,000 shares of a public company for $10,000. Before the sale, K owned 4,000 shares; an initial 2,000 were purchased for $2,000 and an additional 2,000 were purchased for $8,000 twenty days before the sale. What amount is to be reported in net income for tax purposes?

Reference no: EM132779750

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