Crystal owns 150 shares of Carson, Inc., stock that has an adjusted basis of $100,000. On December 18, 2015, she sells the 150 shares for FMV ($88,000). On January 7, 2016, she purchases 200 shares of Carson stock for $127,500.
a. What are Crystal's realized and recognized gain or loss on the sale of the 150 shares sold on December 18, 2015?
b. What is Crystal's adjusted basis for the 200 shares purchased on January 7, 2016?
c. How would your answers in (a) and (b) change if she purchased only 100 shares for $98,000 in January?