Helmut purchases 100 shares of stock in Caisson Corporation for $1,000 in year 1. On December 1 of year 2, he purchases an additional 100 shares in the company for $1,500. On December 28 of year 2, Helmut sells the 100 shares acquired in year 1 for $1,200. What is Helmut's recognized gain or loss from the December 28 sale, and what is his resulting basis in the stock purchased on December 1 of year 2?
Recognized Gain or Resulting Basis in
Loss on Sale December 1 Purchase
a....................$0...................................................$1,800
b....................$0....................................................1,500
c.................$300 loss...............................................1,200
d.................$200 gain..............................................1,500