Shen purchased corporate stock for $20,000 on April 10, 2017. On July 14, 2019, 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, 2019. What is the amount and character of Mijo’s gain or loss?

$2,200

Explanation:

Given that,

Purchased stock on April 10, 2017 = $20,000

Selling value of stock = $14,200

Value of stock on July 14, 2019 = $12,000

For calculating the gain or loss, we need to consider the date of the inheritance and the worth on that date:

Therefore,

The amount and character of Mijo's gain or loss is as follows:

= Selling value of stock - value of stock on July 14, 2019

= $14,200 - $12,000

= $2,200

It is a long term gain because of the special provisions of holding period is applicable.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know