Ask Question
11 September, 04:17

Shen purchased corporate stock for $20,000 on april 10, 2015. on july 14, 2017, when the stock was worth $12,000, shen died and his son, mijo, inherited the stock. mijo sold the stock for $14,200 on november 12, 2017. what is the amount and character of mijo's gain or loss?

+3
Answers (1)
  1. 11 September, 04:18
    0
    Mijo made $2,200 profit. The initial investment had nothing to do with him therefore it is not considered his loss because the initial investment did not belong to him. Once he inherited the stock at $12,000 his personal profit/loss began to occur. Also the character of the profit would be not a fixed remuneration becauae of the flux of the markets, fees, etc.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Shen purchased corporate stock for $20,000 on april 10, 2015. on july 14, 2017, when the stock was worth $12,000, shen died and his son, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers