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Ashley, a calendar year taxpayer, owns 400 shares of Yale Corporation stock that she purchased two years ago for $4, 000. In the current year
Ashley, a calendar year taxpayer, owns 400 shares of Yale Corporation stock that she purchased two years ago for $4, 000. In the current year Ashley sells all 400 shares of the Yale Corporation stock for $2, 400 on December 27. On January 4 of the following year, Ashley purchases 400 shares of Yale Corporation stock for $1, 200. Ashley's recognized loss and her basis in the newly purchased 300 shares of Yale Corporation stock are
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