On January 1, The Long Island Crystal Company (LICC) issued 500,000 shares at $27.15 per share. (Issued means they are actually purchased, not simply offered for purchase.) Within the same tax year ABLE, an officer of the company who received 10,000 shares of restricted stock in compensation for past services at the initial public offering, sells 5000 shares to BAKER act $30.50. If LICC, as a corporation, is in the 35 percent tax bracket, what is the cumulative increase in the LICC company tax due as a result of the ABLE-BAKER transactions
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On January 1, The Long Island Crystal Company (LICC) issued 500,000 shares at $27.15 per share. (Iss...
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