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State the amount of tammy gain or loss on the year sale

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Question - Refer to the "Wash Sales" discussion in Ch. 7 and consider the following facts:

Year 1 (April): Tammy purchases 1,000 shares of ABC Corp. stock for $36,000.

Year 4 (mid-December): Tammy sells all 1,000 of those ABC shares for $20,000.

Year 5 (early January): Tammy purchases 1,000 ABC shares for $22,000.

Year 7 (July): Tammy sells all 1,000 of those ABC shares for $26,000.

Required - State the amount of Tammy's gain or loss on the Year 7 sale.

Reference no: EM132872608

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