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Mr. Indecisive made his first purchase of 500 shares of Airline stock for $40,000 on 12/1/19. The stock drops in price because of the pandemic,

Mr. Indecisive made his first purchase of 500 shares of Airline stock for $40,000 on 12/1/19. The stock drops in price because of the pandemic, and he panics, selling all his Airline stock for a $20,000 loss on 10/20/20. Mr. Indecisive then rethinks his decision, believing that everything will be better after the election and that Airline stock will soar, so on 11/2/20 he purchases 500 shares of Airline for $22,000. At the end of the year, he still owns his stock and it is worth $30,000 so he continues to hold it. How much of a loss does he get to take for 2020 and what is his basis for the Airline stock going forward?

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