Mr. Tiger owns 5,000 shares of North South Corporation common stock, which it purchased on March 8, 2011, for $50,000. On October 3, 2020, Tiger purchases an additional 1,000 shares for $8,000. On October 12, 2020, he sells the original 5,000 shares for $27,500. On November 1, 2020, he purchases an additional 2,500 shares for $12,500. a. What is Mr. Tiger's recognized gain or loss as a result of the sale on October 12, 2020? b. What are the basis and the holding period of the stock he continues to hold? How would your answers to Parts a and b change if the stock Tiger purchases during 2020 is North South nonvoting, nonconvertible, preferred stock instead of North South common stock? C. Print Done Mr. Tiger owns 5,000 shares of North South Corporation common stock, which it purchased on March 8, 2011, for $50,000. On October 3, 2020, Tiger purchases an additional 1,000 shares for $8,000. On October 12, 2020, he sells the original 5,000 shares for $27,500. On November 1, 2020, he purchases an additional 2,500 shares for $12,500. a. What is Mr. Tiger's recognized gain or loss as a result of the sale on October 12, 2020? b. What are the basis and the holding period of the stock he continues to hold? How would your answers to Parts a and b change if the stock Tiger purchases during 2020 is North South nonvoting, nonconvertible, preferred stock instead of North South common stock? C. Print Done