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Multiple Choice: Amy, a single individual and sole shareholder of Brown Corporation, sold all of the Brown stock for $30,000. The stock basis was $150,000.
Multiple Choice: Amy, a single individual and sole shareholder of Brown Corporation, sold all of the Brown stock for $30,000. The stock basis was $150,000. Amy had owned the stock for 3 years. Brown Corporation meets the section 1244 requirements. Amy has A. a $50,000 ordinary loss and $70,000 LTCL. B. a $50,000 STCL and a $70,000 LTCL. C. a $100,000 ordinary loss and a $20,000 LTCL. D. a $100,000 LTCL and a $20,000 ordinary loss
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