Solved: Rick sold the shares for 36000 on december 22 2010 how, Accounting Basics

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Rick sold the shares for 36000 on december 22 2010 how

Question - Rick inherited 100 shares of Purple stock when his mother, Emily, died. Emily had acquired the stock for a total of $ 30,000 on July 15, 2010. She died on August 10, 2010, and the shares were worth a total of $ 25,000 at that time. Rick sold the shares for $ 36,000 on December 22, 2010. How much gain or loss does Rick recognize, and what is the nature of that gain or loss?

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Accounting Basics: Rick sold the shares for 36000 on december 22 2010 how

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Accounting Basics: Rick sold the shares for 36000 on december 22 2010 how

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