How much of the loss is adrian able to deduct

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Question - Three years ago, Adrian purchased 505 shares of stock in X Corp. for $67,165. On December 30 of year 4, Adrian sells the 505 shares for $59,590. (Leave no answers blank. Enter zero if applicable. Loss amounts should be indicated with a minus sign.)

a. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return?

b. Assuming Adrian has no other capital gains or losses, except that on January 20 of year 5, Adrian purchases 505 shares of X Corp. stock for $59,590. How much loss from the sale on December 30 of year 4 is deductible on Adrian's year 4 tax return? What basis does Adrian take in the stock purchased on January 20 of year 5?

Reference no: EM132935507

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