Christina, who is single, purchased 320 shares of Apple Incorporated stock several years ago for $16,320. During her year-end tax planning, she decided to sell 160 shares of Apple for $7,360 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 160 shares (cost of $7,680) of Apple back before prices skyrocket. (Leave no answers blank. Enter zero if applicable.)

b. Assume the same facts, except that Christina repurchased only 80 shares for $3,840. What is Christinas deductible loss on the sale of 160 shares? What is her basis in the 80 new shares?

What is the Deductible loss?

What is the deductible basis?