Stanley Steamer Purchased 1,000 Shares of Patrick Corporation Common Stock

question 39

Essay

Stanley Steamer purchased 1,000 shares of Patrick Corporation common stock at $6 per share in 2008. On September 26, 2012, he received 1,000 nontaxable stock rights entitling him to buy 200 additional shares of Patrick Corporation common stock at $10 per share. On the day that the rights were issued, the fair market value of the stock was $12.50 per share ex-rights and that of the rights was $2.50 each. Stanley sold 500 of the rights for $1,100 on October 24, 2012, and let the other 500 rights expire.
(a.) What is the gain or loss that Stanley should report in 2012?
(b.) What gain or loss should Stanley report if the value of the rights were $1.25 instead of $2.50?

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Definitions:

Sympathetic Division

Part of the autonomic nervous system that prepares the body for quick action in emergencies; "fight or flight" response.

Parasympathetic Division

Part of the autonomic nervous system responsible for conserving energy and bringing the body to a state of rest by slowing the heart rate, increasing intestinal and glandular activity, and relaxing sphincter muscles.

Central Nervous System

The part of the nervous system consisting of the brain and spinal cord, which interprets sensory information and issues instructions based on past experience and current conditions.

Peripheral Nervous System

The peripheral nervous system is the part of the nervous system that consists of the nerves and ganglia outside of the brain and spinal cord, which connect the central nervous system to limbs and organs.