If a Stock Was Purchased for $3000 in January 2003

question 72

Multiple Choice

If a stock was purchased for $3000 in January 2003 and is sold in June 2003 for $4000,what is the taxable result?

• A)Capital gain of $1000 and taxable income of $500
• B)Business income of $1000 and taxable amount of $1000
• C)Capital gain of $1000 and taxable income of $1000
• D)Taxable capital gain of $1000

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Definitions:

Team Meetings

Gatherings of team members to discuss progress, strategies, and issues within a project or organization.

Founding Team

The original group of individuals who establish a company, working together to bring the business concept to reality.

Passion

An intense positive emotion, which is usually related to entrepreneurs who are engaged in meaningful ventures, or tasks and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goals.

Strong Ties

Deep, close relationships often characterized by trust, frequent interaction, and a strong sense of commitment.