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ACC$435-050$ Final Exam

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Duane sold the shares of an arm's$-$length small business corporation in Year $1,$ resulting in a capital loss of $$2,000.$ If all of the conditions for an allowable business loss are met, Duane will recognize which of the following?

$3$

points

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Multiple Choice

ITA $3($b$)$ deduction of $$2,000$ in Year $1$

ITA $3($d$)$ loss of $$2,000$ in Year $1$

ITA $3($b$)$ gain of $$1,000$ in Year $1$

ITA $3($d$)$ deduction of $$1,000$ in Year $1$

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