14) This year Barney purchased 260 shares of Bell common stock for $33.60 per share. At year-end the Bell shares were only worth $4.20 per share. What amount can Barney deduct as a loss this year?

Multiple Choice

• $7,644

• $1,092

• Barney can deduct $8,736 only if he includes $1,092 in his taxable income

• $8,736

• None of the choices are correct Barney is not entitled to a loss deduction