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A taxpayer owns 100 shares of XYZ stock with a basis of $700. The shares are sold for $625. The taxpayer then purchases 100 shares
A taxpayer owns 100 shares of XYZ stock with a basis of $700. The shares are sold for $625. The taxpayer then purchases 100 shares of XYZ stock 30 dayslater for $650.
What is the taxpayer's basis in the new XYZ stock?
a.$700
b.$650
c.$625
d.$725
Could you please explain.
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