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E sold stock to her son for $8,000. She purchased the stock several years ago for $11,000. Put the answer in parentheses if the amount
E sold stock to her son for $8,000. She purchased the stock several years ago for $11,000. Put the answer in parentheses if the amount is a loss.
a. What amount of loss will E report on the sale?
b. What amount of gain or loss will the son report if he sells the stock for $12,000 to an unrelated party? If it is a loss, put your answer in parentheses.
c. If the son sells for $10,000?
d. If the son sells for $4,000?
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