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What is joyce gain or loss

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Problem 1. Joyce purchased General Electric stock 4 years ago for $10,000. In the current year, she sells the stock for $25,000. What is Joyce's gain or loss?

a. $15,000 long-term gain

b. $15,000 short-term gain

c. $15,000 ordinary loss

d. $15,000 extraordinary gain

e. No gain or loss is recognized on this transaction

Problem 2. Alex purchased a rental house 4 years ago for $270,000. Her depreciation at the time of the sale is $40,000. Due to a decrease in real estate prices, she sells the house for only $240,000 in 2020. What is her gain or loss for tax purposes?

a. $0

b. $10,000 loss

c. $10,000 gain

d. $35,000 loss

e. $25,000 gain

Reference no: EM132803413

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