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Tom and Jennifer owned two stocks, Franklin, Inc. and Georgetown, Inc. that became worthless during this year (after being held for 7 years). The adjusted
Tom and Jennifer owned two stocks, Franklin, Inc. and Georgetown, Inc. that became worthless during this year (after being held for 7 years). The adjusted basis in Franklin is $230,000. Franklin was incorporated 8 years ago; Tom and Jennifer purchased their stock 5 years ago. Tom and Jennifer's adjusted basis in Georgetown is $105,000. Georgetown was incorporated 7 years ago ; Tom and Jennifer were the original shareholders. Both stocks were purchased for cash and each had a total capitalization of $630,000. How much ordinary loss can Tom and Jennifer deduct on their joint return this year as a result of these transactions
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