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What is the amount of tom recognized gain or loss

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Q1. Feb 10, Year 1, max 100 shares of stock at $10 per share.  On June 10, Year 2, max sold the same 100 shares at $7 per share.  What is the character of gain or loss on the sale?

a. $300 long-term capital gain.

b. $300 long-term capital loss.

c. $300 short-term capital gain.

d. $300 short-term capital loss

Q2. Max purchased 100 shares of Southern Corp. stock for $50,000 on February 1 of the prior year. On February 8 of the current year, Max sold 100 shares of Southern for $35,000. Ten days later, Tom purchased 100 shares of Southern for $30,000. What is the amount of Tom's recognized gain or loss?

a. $5,000

b. $15,000

c. $0

d. $20,000

Reference no: EM133079349

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