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Mr. Qi sold marketable securities with a $112,900 tax basis to his son for $95,000 cash. Two years later, the son sold the securities through
Mr. Qi sold marketable securities with a $112,900 tax basis to his son for $95,000 cash. Two years later, the son sold the securities through his broker for $90,000. Compute the son's loss recognized on sale.
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-0-
$5,000
$22,900
None of these choices are correct
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