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57. Gary and Tom own 100 shares of Rosa Co. stock. Gary acquired the stock for $60,000 from Rosa Co. 3 years ago when it
57. Gary and Tom own 100 shares of Rosa Co. stock. Gary acquired the stock for $60,000 from Rosa Co. 3 years ago when it was formed. Tom acquired the stock 2 years ago from Julie for $45,000. Gary and Tom are single. Rosa Co. meets all the requirements of Code Sec. 1244. Rosa Co. just went through bankruptcy this year and its stock is completely worthless. What are the tax consequences to Gary and Tom?
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