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QUESTION
Lily has 1000 shares of common stock with aFMV of $8000 and a basis of $6000. She receives 1000 shares of preferred stock worth $2000 as a non...
Lily has 1000 shares of common stock with aFMV of $8000 and a basis of $6000. She receives 1000 shares of preferred stock worth $2000 as a non taxable stock dividend. Compute the basis of the preferred stock.
