An individual taxpayer, not a dealer or trader in securities, completed the transactions shown below for Micro Products Company.

September 15, 2016, purchased 100 shares at a cost of $4,800

December 10, 2016, sold the above shares for $3,200

January 4, 2017, purchased 60 shares at a cost of $1800

a. Compute the recognized gain or loss from the December 10 sale and the taxpayers basis in the January 4 purchase.

b. Same as part a. except that the sale price for the stock sold on December 10 was $5,300.

c. Compute the recognized gain or loss from the December 10 sale and the taxpayers basis in the stock on January 4 assuming that 1) the sales price of the shares sold on December 10 was $3,200 and 2) and the shares had been inherited by the taxpayer from his father on September 15, 2016.At the time of his fathers death the shares were valued at $2,500.The father had purchased the stock 2 months earlier for $2,000.