Three years ago, Robert purchased $320$ shares of stock in N Corporation for $$24,800.$ On June $20$ of year $4,$ Robert sells the $320$ shares for $$22,500.$

Part$-$a

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

Part$-$b

b$.$ Assuming Robert has no other capital gains or losses, except that on April $10$ of year $5,$ Robert purchases $320$ shares of N Corporation stock for $$23,400.$ How much gain or loss from the sale on June $20$ of year $4$ is taxable on Robert's year $4$ tax return? What basis does Robert take in the stock purchased on April $10$ of year $5?$

Three years ago, Michelle purchased $270$ shares of stock in O Corporation for $$18,600.$ On July $5$ of year $4,$ Michelle sells the $270$ shares for $$21,800.$

Part$-$a

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

Part$-$b

b$.$ Assuming Michelle has no other capital gains or losses, except that on May $20$ of year $5,$ Michelle purchases $270$ shares of O Corporation stock for $$20,500.$ How much gain or loss from the sale on July $5$ of year $4$ is taxable on Michelle's year $4$ tax return? What basis does Michelle take in the stock purchased on May $20$ of year $5$

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