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Josephs cost basis was 1500 jacob a shrewd salesman manages

Question - Joseph Plenik sells stock to Jacob Plenik (Joseph's grandchild). The selling price was $1,000. Joseph's cost basis was $1,500. Jacob, a shrewd salesman, manages to sell the stock for $1,200 a day later. What is Jacob's gain or loss on the sale?

A. 0

B. Loss of $300 (uses grandfather's basis)

C. Gain of $200 (uses selling price from sale a day before)

D. Gain of $200 for Jacob, Loss of $500 for Joseph.

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Accounting Basics: Josephs cost basis was 1500 jacob a shrewd salesman manages

Reference No:- TGS02853620

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