Sale of crystal stock, Liz purchased 400 shares of Crystal

Sale of crystal stock

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Reference no: EM133209493

Liz purchased 400 shares of Crystal stock for $40,000 in 2010. On June 15, 2021, Liz sold all the stock to her mom, Janice, for $10,000, its fair market value at the time. Liz realized no other gain or loss during 2021. On October 1, 2021, Janice sold the 400 share of Crystal stock for $18,000. What amount of the loss from the sale of Crystal stock can Liz deduct in 2021?

$30,000

$12,000

$8,000

Reference no: EM133209493

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