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Ryan, a lawyer, purchases shares of corporate stock for $20,000 in December of Year 1. At the end of Year 2, they are worth $17,000.

Ryan, a lawyer, purchases shares of corporate stock for $20,000 in December of Year 1. At the end of Year 2, they are worth $17,000. He sells the shares in October of Year 3 for $13,000. Describe Ryans tax consequences with respect to the purchase and ownership of the shares under current law

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