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Please answer all parts #27-28, type your response and provide an explanation 27) A worthless security had a holding period of 11 months when it
Please answer all parts #27-28, type your response and provide an explanation
27) A worthless security had a holding period of 11 months when it became worthless on November 10, 2008. The investor who had owned the security had a basis of S10,000 for it. Which of the following statements is correct? a. The investor has a long-term capital loss of $10,000. b. The investor has a short-term capital loss of $10,000. c. The investor has a nondeductible loss of $10,000 d. The investor has a long-term capital gain of $10,000. e. None of the above 28) Sylvia purchased for $1,610 a $2,000 bond when it was issued two years ago. Sylvia amortized $200 of the original issue discount and then sold the bond for $1,800. Which of the following statements is correct? a. Sylvia has $10 of long-term capital loss b. Sylvia has $190 of long-term capital gain c. Sylvia has no capital gain or loss. d. Sylvia has $190 of long-term capital loss e. None of the aboveStep by Step Solution
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