Question
Alan bought shares in Coca-Cola for $10,000 on November 15, 2018. On November 1, 2019, he sold the shares for $5,000. He has no other
Alan bought shares in Coca-Cola for $10,000 on November 15, 2018. On November 1, 2019, he sold the shares for $5,000. He has no other gains or losses in 2019. What does Alan report on his tax return?
a). $3,000 ordinary loss and $2,000 long-term loss carry-forward
b). $3,000 ordinary loss and $2,000 short-term loss carry-forward
c). $5,000 short-term loss
d). $5,000 long-term loss
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
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