Lion Corporation owns 2,000 shares of Eastern Corporation common stock, which it purchased on March 8, 2011, for $20,000. On October 3, 2017, Lion purchases an additional 800 shares for $6,400. On October 1 2017, it sells the original 2,000 shares for $12,000. On November 1, 2017, it purchases an additional 1,000 shares for $5,500. Read the equirements Requirement a. What is Lion's recognized gain or loss as a result of the sale on October 12, 2017? Lion would recognize a Requirement b. What are the basis and the holding period of the stock Lion continues to hold? (Do not round interim calculations. Only round the amount you input in the cell to the nearest dollar.) ?of $ as a result of the sale on October 12, 2017 Basis Holding period begins 800 purchased on October 3, 2017 1,000 purchased on November 1, 2017 Requirement c. How would your answers to Parts a and b change if the stock Lion purchases during 2017 is Eastern nonvoting, nonconvertible, preferred stock instead of Eastern common stock? Nonvoting, nonconvertible preferred stock Thus, in this scenario Lion would recognize a Complete the table below to show Lion's basis and the holding period of the stock it continues to hold assuming that the stock held is nonvoting, nonconvertible, preferred stock instead of Eastern common stock. substantially identical to common stock in the same corporation of Rocio Lion Corporation owns 2,000 shares of Eastern Corporation common stock, which it purchased on March 8, 2011, for $20,000. On October 3, 2017, Lion purchases an additional 800 shares for $6,400. On October 1 2017, it sells the original 2,000 shares for $12,000. On November 1, 2017, it purchases an additional 1,000 shares for $5,500. Read the equirements Requirement a. What is Lion's recognized gain or loss as a result of the sale on October 12, 2017? Lion would recognize a Requirement b. What are the basis and the holding period of the stock Lion continues to hold? (Do not round interim calculations. Only round the amount you input in the cell to the nearest dollar.) ?of $ as a result of the sale on October 12, 2017 Basis Holding period begins 800 purchased on October 3, 2017 1,000 purchased on November 1, 2017 Requirement c. How would your answers to Parts a and b change if the stock Lion purchases during 2017 is Eastern nonvoting, nonconvertible, preferred stock instead of Eastern common stock? Nonvoting, nonconvertible preferred stock Thus, in this scenario Lion would recognize a Complete the table below to show Lion's basis and the holding period of the stock it continues to hold assuming that the stock held is nonvoting, nonconvertible, preferred stock instead of Eastern common stock. substantially identical to common stock in the same corporation of Rocio