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Dre bought 500 shares of Fast Corporation stock for $10,000 three years ago. On March 15th, he sold all 500 shares for $7,500. On April 10th, he bought 400 shares of Fast Corporation for $6,000.
Problem 1: What is Dre's recognized loss on his sale? What is his basis in the 400 shares purchased?
Group of answer choices
Option 1: $500 LTCL and $4,000 basis
Option 2: $2,000 LTCL and $6,500 basis
Option 3: $2,500 LTCL and $6,000 basis
Option 4: $500 LTCL and $8,000 basis
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