What is her basis in the 150 new shares

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Question

Christina, who is single. purchased 300 shares of Apple Inc. stock several years ago for $15,600. During her year-end tax planning, she decided to sell 150 shares of Apple for $7,050 on December 30.

However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 150 shares (cost of $7,350) of Apple back before prices skyrocket. Leave no answers blank. Enter zero if applicable.)

a. What is Christina's deductible loss on the sale of150 shares? What is her basis in the 150 new shares?

b. Assume the same facts, except that Christina repurchased only 75 shares for $3,675. What is Christina's deductible loss on the sale of 150 shares? What is her basis in the 75 new shares?

Reference no: EM132324834

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