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Christina, who is single, purchased 340 shares of Apple Incorporated stock several years ago for $17,000. During her year-end tax planning, she decided to sell
Christina, who is single, purchased 340 shares of Apple Incorporated stock several years ago for $17,000. During her year-end tax planning, she decided to sell 170 shares of Apple for $7,650 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 170 shares (cost of $7,990) of Apple back before prices skyrocket. (Leave no answers blank. Enter zero if applicable.) b. Assume the same facts, except that Christina repurchased only 85 shares for $3,995. What is Christina's deductible loss on the sale of 170 shares? What is her basis in the 85 new shares? Deductible loss Basis
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