Reference no: EM132568064
Question - On March 1, 2016, MAB Inc. issued 600 shares of its publicly traded stock as compensation to its employee, Phoebe. On date of issuance, the stock's fair market value was $12,000. Under the terms of her employment contract, Phoebe couldn't dispose of the stock before July 1, 2019, and if she terminated her employment with MAB before that date, she had to forfeit the stock back to MAB. Phoebe made a timely election in 2016 to accelerate income recognition with respect to the 600 shares of restricted stock. On July 1, 2019, Phoebe, who was still employed by MAB, sold all 600 shares for $26,000. What are the 2019 tax consequences to Phoebe?
a. She recognizes $26,000 ordinary income and zero capital gain on sale of the stock.
b. She recognizes zero ordinary income and $14,000 capital gain on sale of the stock.
c. She recognizes zero ordinary income and $26,000 capital gain on sale of the stock.
d. She recognizes $12,000 ordinary income and $14,000 capital gain in sale of the stock.
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