During the current year, She sold her interest in two small business corporations qualifying as Sec 1244
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Question:
During the current year, She sold her interest in two small business corporations qualifying as Sec 1244 stock. She realized a $35,000 loss on her X Corporations small business stock and a $20k loss on her Y Corporation small business stock. She files her tax return as a single individual. What are the amount and the character of Her loss to be reported in the current year?
A ordinary loss = 5k, capital loss of 50k
B ordinary loss of 0, capital loss of 55k
C ordinary loss of 50k, capital loss of 5k
D ordinary loss of 55k, capital loss of 0
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