) On March 10,2017, James Rogers sold 300 shares of Red Company common stock for $4,200. Rogers acquired the stock in 2010 at a cost of $5,000. Believing he had made a mistake and that the stock price would suddenly go up, on April 4, 2017, he repurchased 300 of Red Company common stock for $4,500. As a result of these transactions, he must report on his 2017 tax return:

1. $300 Long-term Capital gain
2. $800 Long-term capital loss
3. $800 Ordinary loss
4. Not reported on tax return
5. None of the above

During 2017, Florence paid the following interest charges:

Home Mortgage $3,100

On loan to purchase a new car $350

On loan to purchase state of Indiana

General purpose bonds (wholly tax- exempt) $700

If Florence itemizes her deductions for 2015, the amount deductible as interest expense is :

1. $4,150
2. $3,800
3. $3,450
4. $3,100
5. None of the above