At the beginning of the year, Firm GH owned 8,200 shares of common stock in LSR, a

Question:

At the beginning of the year, Firm GH owned 8,200 shares of in LSR, a publicly held corporation. GH's basis in these shares was $290,000. On a day when LSR stock was trading at $1.14 per share, GH delivered the 8,200 shares to its with a letter stating that it was formally abandoning ownership of its LSR equity interest.
Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...