Smith who is in the business of buying and selling shares/stock, sells 100 shares of Comcast stock for $20,000. His adjusted basis for the stock is $24,000. Smith has owned the stock for three years. Smith decides to repurchase 80 shares of Comcast stock for $19,200 twenty one days after selling the 100 shares.

a) Calculate Smiths recognized gain or loss and his basis for the 80 shares.

b) How would your answers to Part A change if the repurchase cost of the 80 shares was $28,000

c) How would your answer to Parts A and B differ if Smith was not in the business of buying and selling shares/stock?