Three years ago, Michael purchased $300$ shares of stock in Z Corporation for $$24,600.$ On November $20$ of year $4,$ Michael sells the $300$ shares for $$30,500.$

Part$-$a

a$.$ What is Michael's capital gain or loss from the sale on November $20$ of year $4?$

Part$-$b

b$.$ Assuming Michael has no other capital gains or losses, except that on February $10$ of year $5,$ Michael purchases $300$ shares of Z Corporation stock for $$29,800.$ How much gain or loss from the sale on November $20$ of year $4$ is taxable on Michael's year $4$ tax return? What basis does

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