Question
An investor/taxpayer purchases a stock for $10000 cash on 7/4/2015. The stock does not qualify under IRC1244. The corporation goes bankrupt and the stock becomes
An investor/taxpayer purchases a stock for $10000 cash on 7/4/2015. The stock does not qualify under IRC1244. The corporation goes bankrupt and the stock becomes worthless on 5/31/2016. In calendar year 2016 this taxpayer should report which of the following?
| a. | $0 gain or loss | |
| b. | $10000 short term capital loss | |
| c. | $10000 long-term capital loss | |
| d. | $10000 ordinary loss |
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The Information Audit A Practical Guide
Authors: Susan Henczel, Sue Henczel
1st Edition
3598243677, 978-3598243677
