Question
On June 21, 2018 (Year 1), Kim purchased 100 shares of AT&Ts Company common stock for $4,500. Kim sold the 100 shares of AT&Ts stock
On June 21, 2018 (Year 1), Kim purchased 100 shares of AT&Ts Company common stock for $4,500. Kim sold the 100 shares of AT&Ts stock on May 18, 2020 (Year 3), for $4,250. On June 3, 2020 (Year 3), Kim repurchased 100 shares of AT&Ts stock for $3,000 and subsequently sold them on July 31, 2020 (Year 3), for $3,500. How should Kim report the above transactions for 2020 (Year 3)?
$750 short-term capital gain. | ||
$500 short-term capital gain. | ||
$250 long-term capital gain. | ||
$250 short-term capital gain |
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
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