What gain and loss should thomasina report, Accounting Basics

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What gain and loss should thomasina report

In a valid Type B reorganization, Thomasina exchanged 500 shares of her Theta Corporation stock for 500 voting shares of Alpha Corporation and received $2,000 cash. Thomasina had purchased her Theta stock four years ago for $30,000. The Alpha stock has a fair market value (FMV) of $35,000 at the exchange date. What gain and/or loss should Thomasina report?

a. $0

b. $2,000

c. $3,000

d. $5,000

e. None of the above

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Accounting Basics: What gain and loss should thomasina report

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Recent Questions Asked Accounting Basics

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Accounting Basics: What gain and loss should thomasina report

Reference No:- TGS046029

Recent Questions Asked Accounting Basics

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