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What is kristen loss

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Question - When Pheasant Corporation was formed under § 351, Kristen transferred property (basis of $26,000 and fair market value of $22,500) for § 1244 stock. Kristen's basis in the Pheasant stock is $26,000. Three years later, Pheasant Corporation goes bankrupt and its stock becomes worthless. Kristen, who is single, owned the stock as an investment.

Required -

a. What is Kristen's loss?

b. How much of the loss is ordinary? How much of the loss is capital?

Reference no: EM133042982

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