n 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted asis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin' asis during the period he held the property. What is his capital gain? (Answer choices are below the image.) CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. E E-VESTING.COM 751 FORTUNE STREET YOUR CITY, YS XXXXX (XXX) 598-5563 PAYER'S TIN XX-XXXXXXX RECIPIENT'S TIN XXX-XX-XXXX OMB No. 1545-0715 2021 Form 1099-B 1a Description of property (Example: 100 sh.XYZ Co.) 200 SH GGG 1b Date acquired 1d Proceeds $ 9,000.00 1f Accrued market discount $ 1c Date sold or disposed 09/14/2021 1e Cost or other basis $ 1g Wash sale loss disallowed $ Proceeds From Broker and Barter Exchange Transactions Copy B For Recipient
n 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted asis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin' asis during the period he held the property. What is his capital gain? (Answer choices are below the image.) CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. E E-VESTING.COM 751 FORTUNE STREET YOUR CITY, YS XXXXX (XXX) 598-5563 PAYER'S TIN XX-XXXXXXX RECIPIENT'S TIN XXX-XX-XXXX OMB No. 1545-0715 2021 Form 1099-B 1a Description of property (Example: 100 sh.XYZ Co.) 200 SH GGG 1b Date acquired 1d Proceeds $ 9,000.00 1f Accrued market discount $ 1c Date sold or disposed 09/14/2021 1e Cost or other basis $ 1g Wash sale loss disallowed $ Proceeds From Broker and Barter Exchange Transactions Copy B For Recipient
Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions
Section: Chapter Questions
Problem 49P
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Question
Transcribed Image Text:In 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted
basis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin's
basis during the period he held the property. What is his capital gain? (Answer choices are below the image.)
CORRECTED (if checked)
PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949
or foreign postal code, and telephone no.
E
E-VESTING.COM
751 FORTUNE STREET
YOUR CITY, YS XXXXX
(XXX) 598-5563
PAYER'S TIN
XX-XXXXXXX
RECIPIENT'S name
ARVIN BERTRAND
Street address (including apt. no.)
834 SYCAMORE TRAIL
Account number (see instructions)
586344322
City or town, state or province, country, and ZIP or foreign postal code
YOUR CITY, YS XXXXX
CUSIP number
14 State name
YS
Form 1099-B
RECIPIENT'S TIN
$1,500
$2,500
$4,000
$9,000
XXX-XX-XXXX
Mark for follow up
FATCA filing
requirement
15 State identification no. 16 State tax withheld
XXXXXXXX $
$
(Keep for your records)
Screenshot
Form 1099-B
1a Description of property (Example: 100 sh.XYZ Co.)
200 SH GGG
1b Date acquired
OMB No. 1545-0715
2021 Barter Exchange
Transactions
$
10 Unrealized profit or (loss) on
open contracts-12/31/2021
1d Proceeds
$ 9,000.00
1e Cost or other basis
$
1f Accrued market discount
$
1g Wash sale loss disallowed
$
2 Short-term gain or loss
Long-term gain or loss
Ordinary
3 If checked, proceeds from:
Collectibles
QOF
4 Federal income tax withheld 5 If checked, noncovered
security
$
6 Reported to IRS:
Gross proceeds
Net proceeds
8 Profit or (loss) realized in
2021 on closed contracts
1c Date sold or disposed
09/14/2021
www.irs.gov/Form 1099B
7 If checked, loss is not allowed
based on amount in 1d
9 Unrealized profit or (loss) on
open contracts-12/31/2020
$
11 Aggregate profit or (loss)
on contracts
$
$
12 If checked, basis reported 13 Bartering
to IRS
$
Proceeds From
Broker and
Copy B
For Recipient
This is important tax
information and is
being furnished to
the IRS. If you are
required to file a
return, a negligence
penalty or other
sanction may be
imposed on you if
this income is
taxable and the IRS
determines that it
has not been
reported.
Department of the Treasury - Internal Revenue Service
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