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H owns 100 shares of Y Corporation stock. The stock has an adjusted basis of $20,000 and a fair market value of $18,000. He sells
H owns 100 shares of Y Corporation stock. The stock has an adjusted basis of $20,000 and a fair market value of $18,000. He sells the stock on December 28, 2019 for $18,000. On January 5, 2020, he purchases 100 shares of Y Corporation stock for $18,300.
a) Determine the recognized gain or loss on the December sale.
b) What is Hs basis for the shares purchased in January?
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