Stock in red corporation, On September 3, 2009, Able

Stock in red corporation

Assignment Help Accounting Basics

Reference no: EM13142777

On September 3, 2009, Able purchased S 1244 stock in Red Corporation for $6,000. On December 31, 2009 the stock was worth $8,500. On August 15,2010 Able was notified that the stock was worthless. How should able report this item on his 2009 and 2010 tax returns?

a) 2009-$0; 2010-$6,000 ordinary loss

b) 2009-$0; 2010-$6,000 long term capital loss

c) 2009-$2,500 short-term capital loss; 2010-$8,500 short-term capital loss

d) 2009-$2,500 short-term capital gain; 2010-$3,800 orinary loss

e) none of the above

Reference no: EM13142777

Questions Cloud

Create a work of art : Create a work of art (visual, literary, or musical) that reflects your own version of Hell and Heaven. write a brief explanation

Find the expected value and the standard error of x : A mean of 2000 pounds and a variance of 2500 pounds. Let X be the mean of any sample of 100 ropes selected at random. find the expected value and the standard error of X.

One way in which psychology : One way in which psychology examines issues in life-span development is to review current research on related topics. For this assignment you will review current research and provide a critical evaluation on that research through an annotated bibliog..

Provide a quantitative genetic explanation : Provide a quantitative genetic explanation of how some children in a family can be shorter or taller than both of their parents?

Stock in red corporation : On September 3, 2009, Able purchased S 1244 stock in Red Corporation for $6,000. On December 31, 2009 the stock was worth $8,500. On August 15,2010 Able was notified that the stock was worthless. How should able report this item on his 2009 and 20..

What are the different types of terrorism? : What are the different types of terrorism?

Stockholders equity section : Complete the stockholders' equity section of Milo's Company's balance sheet at December 31, 2010 below.

Find which measure has the greater dispersion : Test Scores: mean=100 variance = 225 Years of Service: mean=5 variance = 81 Of test scores and years of service, which measure has the greater dispersion?

Amount of dividends received by the common stockholders : There were no dividends declared in 2009. The board of directors declares and pays a $45,000 dividend in 2010 and in 2011. What is the amount of dividends received by the common stockholders in 2011?

User Account

All Pages