Three years ago, Matthew purchased $250$ shares of stock in T Corporation for $$14,000.$ On December $5$ of year $4,$ Matthew sells the $250$ shares for $$15,500.$

Part$-$a

a$.$ What is Matthew's capital gain or loss from the sale on December $5$ of year $4?$

Part$-$b

b$.$ Assuming Matthew has no other capital gains or losses, except that on October $15$ of year $5,$ Matthew purchases $250$ shares of T Corporation stock for $$15,200.$ How much gain or loss from the sale on December $5$ of year $4$ is taxable on Matthew's year $4$ tax return? What basis does Matthew take in the stock purchased on October $15$ of year $5?$

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