Shomit purchases 100 shares of stock in Classy Corporation for $500 in year 1. On December 20
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Shomit purchases 100 shares of stock in Classy Corporation for $500 in year 1. On December 20 of year 2, he purchases an additional 100 shares in the company for $400. On December 27 of year 2, Shomit sells the 100 shares acquired in year 1 for $410. What is Shomit’s resulting basis in the shares acquired on December 20 of year 2?
a. $400
b. $500
c. $490
d. $410
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Related Book For 
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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