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This year Barney purchased 500 shares of Bell common stock for $20 per share. At year-end the Bell shares were only worth $2 per share.
- This year Barney purchased 500 shares of Bell common stock for $20 per share. At year-end the Bell shares were only worth $2 per share. What amount can Barney deduct as a loss this year?
- A.$10,000
- B.Barney can deduct $10,000 only if he includes $1,000 in his taxable income
- C.$9,000
- D.$1,000
- E.None of the choices are correct - Barney is not entitled to a loss deduction.
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Accounting Information Systems
Authors: Robert Hurt
4th Edition
78025885, 78025884, 9781259293795 , 978-0078025884
