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How much of the loss is ordinary loss

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Question - Larry L Lewis owns all the stock in LLL Corp. Larry sells all his stock which all qualified under section 1244, for $30,000. The stock's basis is $140,000. If Larry files a joint tax return with Zelda, his wife, how much of the loss is ordinary loss and how much capital loss?

a. $100,000 ordinary loss; $10,000 capital loss

b. 0 ordinary loss; $110,000 capital loss

c. $110,000 ordinary loss; 0 capital loss

d. $50,000 ordinary loss; $60,000 capital loss

Reference no: EM132697053

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