Marissa sold stock of a non- publicly traded corporation with an adjusted basis of $36,000 for $48,000. Marissa re a down payment of $12,000 with the balance due in equal payments over the next two years.
a. What is the amount of gross profit to be recognized in the year of sale?
b. Assume that the buyer defaulted on the final payment. Marissa sued and was able to repossess the stock. Th market value of the stock on the date of repossession is $36,000; legal fees were $1,500. What is the gain or loss o the repossession?

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The Answer of Marissa sold stock of a non- publicly traded corporation with an adjusted basis of $36,000 for $48,000. Marissa re a down payment of $12,000 with the balance due in equal payments over the next two years.
a. What is the amount of gross profit to be recognized in the year of sale?
b. Assume that the buyer defaulted on the final payment. Marissa sued and was able to repossess the stock. Th market value of the stock on the date of repossession is $36,000; legal fees were $1,500. What is the gain or loss o the repossession?

Marissa Sold Stock of a Non- Publicly Traded Corporation with an Adjusted