I need help with couple of questions,
a) shareholder had 1,000 shares with 900 basis and sold for 1100 on january 30, on feb 31 shareholder then bought 500 shares with fmv of 900, what is his tax basis for the new acquisition of shares.
b) 50% partner, had basis of $1000 got nonliquidating distribution of $1000 on january 30. what is his tax basis after the following partnership income are reported for the year:
-$1,000 income
-$1,000 tax exempt income
fairly easy questions, but my brain is shot from overstudying.
Aud 77, Bec 78,Reg 79
