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2) Determine the tax consequences of the following unrelated securities transactions: a) Miller purchased 1,000 shares of DEF Corporation stock on 9/3/20x3 for $2,500. DEF
2) Determine the tax consequences of the following unrelated securities transactions: a) Miller purchased 1,000 shares of DEF Corporation stock on 9/3/20x3 for $2,500. DEF Corporation was judged to be bankrupt in July 20x4, and all assets were distributed to creditors. b) on 6/1/20x8 Graham (a single taxpayer) purchased $65,000 of newly issued stock of Banker Corporation. Banker Corporation was organized on this date and issued a total of $800,000 of capital stock. The Company immediately experienced financial difficulties, and Graham sold his shares on 9/2/20x9 for $13,000
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