Reference no: EM132954415
Questions -
Q1. Sadie sold 12 shares of stock to her brother, George, for $550 sixteen months ago. Sadie had purchased the stock for $700 two years earlier. If George sells the stock for $850 what is the amount and character of his recognized gain or loss in the current year?
a-$150 short-term capital gain.
b-$0.
c-$150 long-term capital gain.
d-None of the choices are correct.
e-$300 short-term capital gain.
Q2. Alpha sold machinery, which it used in its business, to Beta, a related entity, for $40,300. Beta used the machinery in its business. Alpha bought the machinery a few years ago for $49,700 and has claimed $30,300 of depreciation expense. What is the amount and character of Alpha's gain?
a-$20,900 ordinary income under §1239.
b-$20,900 capital gain.
c-None of the choices are correct.
d-$10,900 ordinary gain.
e-$10,000 ordinary gain and $10,900 §1231 gain.
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