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Karen purchased 100 shares of Silver Corporation stock for $11,500 on January 1, 2008. In the current tax year, she sells 25 shares of the
Karen purchased 100 shares of Silver Corporation stock for $11,500 on January 1, 2008. In the current tax year, she sells 25 shares of the 100 shares purchased on January 1, 2008, for $2,500. Twenty-five days earlier, she had purchased 30 shares of Silver Corporation stock for $3,000. What is Karens recognized gain or loss on the sale of the stock, and what is her basis in the 30 shares purchased 25 days earlier?
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