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What are the basis and the holding period of the stock

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Mr. Giraffe owns 5,000 shares of Highland Corporation common?stock, which it purchased on March? 8, 2011?, for $ 50,000. On October? 3, 2019?, Tiger purchases an additional 2,000 shares for $ 18,000. On October? 12, 2019?, he sells the original 5,000 shares for $ 37500. On November? 1, 2019?, he purchases an additional $1500 shares for $10,500.

Question a) What is Mr. Giraffe's recognized gain or loss as a result of the sale on October? 12, 2019??

Question b) What are the basis and the holding period of the stock he continues to? hold?

Question c) How would your answers to Parts a and b change if the stock Giraffe purchases during 2019 is Highland ?nonvoting, nonconvertible, preferred stock instead of Highland common?stock?

Reference no: EM132466691

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