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Question - Taxpayer sells short 100 shares of BIG Corp on February 1, 20x1 for $10/share. On December 31, 20x1, the shares are worth $15/share. On July 1, 20x2, taxpayer purchases 100 shares of BIG Corp for $12/share to cover the original short sale.
What is the amount and character that taxpayer must recognize in 20x2?
a. $200 short-term capital loss
b. $200 long-term capital loss
c. $200 short-term capital gain
d. $200 long-term capital gain
Kansas Company uses a standard cost accounting system. If the labor quantity variance was $7,200 unfavorable, what were the actual direct labor hours worked
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