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What is rebecca basis in sun stock

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Reference no: EM132585126

Rebecca holds 100 shares of Gallery stock that she purchased for $1,000 several years ago. In a merger of Gallery into Sun, Inc., Rebecca exchanges her 100 Gallery shares for 1,000 Sun shares and $500. Gallery is valued at $40.00 per share and Sun at $3.50 per share.

Question a. What is Rebecca's realized and recognized gain/loss from the reorganization?

Question b. What is Rebecca's basis in her Sun stock?

 

Reference no: EM132585126

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