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What amount can the taxpayer deduct on tax return

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Problem 1: An individual taxpayer sells stock with a basis of $11,000 to her brother for $7,600. The value of the stock 30 days prior to the sale is $9,600. The taxpayer has no other capital asset transactions during the year. What amount, if any, can the taxpayer deduct on her tax return for the loss sustained?

A. $0

B. $1,400

C. $3,000

D. $3,400

Reference no: EM132842471

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