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What are the tax consequences of the stock dividend

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Question - El Toro Corporation declared a common stock dividend to all shareholders of record on June 30, 2010. Shareholders will receive 1 share of El Toro stock for each 2 shares of stock they own. Raoul owns 300 shares of El Toro stock with a tax basis of $60 per share. The fair market value of El Toro stock $100 per share on June 30, 2010. What are the tax consequences of the stock dividend to Raoul?

Reference no: EM131979582

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