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Otto purchased 1,000 shares in FAM Incorporated, for $10,000 on December 19, 2020. The company went bankrupt on July 10, 2021 with no hope of

Otto purchased 1,000 shares in FAM Incorporated, for $10,000 on December 19, 2020. The company went bankrupt on July 10, 2021 with no hope of recovery for the shareholders. a. On what date is the stock deemed to be worthless? b. What is the nature of the loss

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