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In January of last year, Debbie, single, established a corporation and acquired Section 1244 stock. This year the stock, which had a basis of $120,000,
In January of last year, Debbie, single, established a corporation and acquired Section 1244 stock. This year the stock, which had a basis of $120,000, became worthless. Debbie had no other property transactions during the year. How much will Debbie's adjusted gross income decrease by because of these transactions? A) $3,000, B) $50,000, C) $53,000, D) $103,000. ***Another posted answer was $50,000. Why isn't this $53,000?***
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