QUESTION 3 Edwin bought 100 shares of XYZ Inc. stock for $12,000 and sold it for $4,000 on March 10. He bought 40 shares of XYZ Inc. stock on March March 23 for $1,500. How much loss can he report from the sale on his tax return? Zero. $3,200 O $4,800 $8,000 QUESTION 4 Edwin bought 100 shares of XYZ Inc. stock for $12,000 and sold it for $4,000 on March 10. He bought 40 shares of XYZ Inc. stock on March March 23 for $1,500. What will his basis be in the 40 shares he bought on March 23? Zero. O $1,500. O $4,700. $6,300. QUESTION 5 Ralph owns a house in the Hamptons, a wealthy beach resort. He and his family and friends enjoy it for most of the year themselves, but he rents it out to a tenant for ten days in August for $3,500. His expenses related to the rental come to $1,000. Those are the only days during the year that he rents it out. How much income will Ralph include in his gross income from the rental activity? Zero. O $2.500. $3,500. None of the above