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What is bruno basis in the shares acquired

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Reference no: EM133068050

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Q1. Taxpayer, Bruno, purchased 1000 shares of UGC Co. for $10,000 in 2020. On 8/1/2021, he purchased an additional 1000 shares of UGC Co. for $7,500. On 8/7/2021, Bruno sold the 1000 shares he acquired in 2021 for $9,000. What is Bruno's basis in the shares acquired on 8/1/2021?

a. $10,000

b. $8,500

c. $7,500

d. $9,000

Q2. A parent purchased 100 shares of Bigco stock for $100,000 in Year 1. On June 1, Year 4, the parent sold all the stock to their child for its fair market value of $80,000. On October 15, Year 4, the child sold the 100 shares of Bigco for $70,000 to an unrelated party. What was the child's recognized loss on the stock sale?

a. $0

b. $10,000

c. $20,000

d. $30,000

Q3. Which of the following deductions for taxes paid may be taken in the same year?

a. Real estate taxes, state income taxes, state sales taxes.

b. Real estate taxes, property taxes, state income taxes.

c. Property taxes, state income taxes, state sales taxes.

d. Property taxes, state income taxes, state sales taxes.

Reference no: EM133068050

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