On June 30, 2020, the Shareholders’ Equity of Sturgis Inc. is as follows: On this date, the company.

On June 30, 2020, the Shareholders’
Equity of Sturgis Inc. is as follows:

On this date, the company declares
a 5 percent stock dividend. This dividend is not designated as eligible. At
this time, the shares are trading at $25 per share. The company increases its
PUC by the fair market value of the new shares issued. Jean Tessier is holding
1,000 of the Sturgis, shares which he acquired several years ago at a cost of
$18 per share. Determine the effect of this transaction on Jean’s 2020 Net
Income For Tax Purposes and 2020 federal Tax Payable. In addition, determine the
adjusted cost base
»

On June 30, 2020, the Shareholders’
Equity of Sturgis Inc. is as follows:

On this date, the company declares
a 5 percent stock dividend. This dividend is not designated as eligible. At
this time, the shares are trading at $25 per share. The company increases its
PUC by the fair market value of the new shares issued. Jean Tessier is holding
1,000 of the Sturgis, shares which he acquired several years ago at a cost of
$18 per share. Determine the effect of this transaction on Jean’s 2020 Net
Income For Tax Purposes and 2020 federal Tax Payable. In addition, determine the
adjusted cost base per share of his Sturgis Inc. holding.

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