Solution-What can mr kalen deduct on his tax return

What can mr kalen deduct on his tax return

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Question - On December 28, 2009, Mr. Kalen purchased $10,000 of bonds from theRotor Corporation. The bonds were purchased at face value. Rotor Corporationhad a major financial loss and filed for bankruptcy on April 1, 2010. Mr. Kalendoes not recover any of his investment. He had no other investment transactions this year. What can Mr. Kalen deduct on his 2010 tax return?

A) Short-term capital loss of $10,000

B) Long-term capital loss of $10,000

C) Long-term capital loss of $3,000

D) Ordinary loss of $10,000

Reference no: EM131697543

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What can mr kalen deduct on his tax return : On December 28, 2009, Mr. Kalen purchased $10,000 of bonds from theRotor Corporation. What can Mr. Kalen deduct on his 2010 tax return

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What can mr kalen deduct on his tax return

Reference no: EM131697543

Reference no: EM131697543

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