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Sheryl Sugarman owned 60 percent of the outstanding stock of Octavian Corp. The corporation sold stock (cost $5,000) to her for $2,500. Sheryl sold the

Sheryl Sugarman owned 60 percent of the outstanding stock of Octavian Corp. The corporation sold stock (cost $5,000) to her for $2,500. Sheryl sold the stock for $7,000. What is the corporation's allowed loss? What is Sheryl's gain?

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