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This year Barney purchased 480 shares of Bell common stock for $27.90 per share. At year-end the Bell shares were only worth $3.10 per share.
This year Barney purchased 480 shares of Bell common stock for $27.90 per share. At year-end the Bell shares were only worth $3.10 per share. What amount can Barney deduct as a loss this year?
Multiple Choice
- None of the choices are correct - Barney is not entitled to a loss deduction.
- $13,392.
- $11,904.
- $1,488.
- Barney can deduct $13,392 only if he includes $1,488 in his taxable income.
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