Question
1. Three years ago, Adrian purchased 170 shares of stock in X Corp. for $30,090. On December 30 of year 4, Adrian sells the 170
1. Three years ago, Adrian purchased 170 shares of stock in X Corp. for $30,090. On December 30 of year 4, Adrian sells the 170 shares for $26,690 a. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return? b. Assume the same facts as in part (a), except that on January 20 of year 5, Adrian purchases 255 shares of X Corp. stock for $37,230. How much loss from the sale on December 30 of year 4 is deductible on Adrians year 4 tax return? What basis does Adrian take in the stock purchased on January 20 of year 5?
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