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Question - X Corporation has a single class of common stock outstanding. Mary owns 1000 shares, which she purchased five years ago for 130,000 . X declares a stock dividend payable in 8 % preferred stock having a 200 par value. Each shareholder receives1 share of preferred stock for 10 shares of common stock. On the distribution date-December 16 of the current year-the common stock was worth 380 per share, and the preferred stock was worth 200 per share. On April 1 of the next year, Mary sells of her half preferred stock for 10500.
Cost of Preferred Shares = (Total Cost/Total Market Value)*Market Value of Preferred Share = (130,000/400,000)*20000 = 6500
Gain on Sale=Selling Price-Basis of Stock=Amount Recognized Selling Preferred share = 10500-(6500/2) = 7250
Required - What is Tanya's basis in her remaining common and preferred shares after the? sale?
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