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Tommy sells stock for $7,500. The price at the time of purchase was $4,200. He paid a commission to his broker of $275. How much is Reggies amount realized?

0

7,225

7,500

You sell a stock for a $1,000 loss. The very next day you hear the company has several new product lines coming out. You would like to reinvest. How many days after the sell date do you need to wait to repurchase the stock if you want to deduct the $1,000 loss?

0

30

61

60

At Kevin's date of death he owned a house valued at $250,000. He originally purchased it for $125,000. Six months after his death it is valued at $255,000. You inherit this house. What is your basis?

255,000

125,000

0

250,000