Jim paid $1,100 for 100 shares of XYZ stock (which included the brokers commission of $25) in 2013. He sold 50 shares for $700 in 2016. What should Jim report as his basis?

a. $1,100

b. $550

c. $150

d. $700

2. Terri purchased 5 shares of CLO stock for $500 in January 2016. She sold the 5 shares of CLO on July 15, 2016 for $300. She then purchased 5 shares of CLO stock again for $350 on August 2, 2016. How much can Terri deduct as a loss on her 2016 taxes?

a. $0

b. $200

c. $50

d. $150