Reference no: EM132076781
Question - If John sold stock, cost basis of $24,000, in 2015 to Tim, his brother, for $22,000. At the time of the sale, the fair market for the stock was $22,000. Later in the same year, Tim sold the stock to an unrelated party for $26,000. What is the tax effect of these transactions?
a. Disallowed loss to Tim of $2,000; gain to John of $4,000.
b. Disallowed loss to John of $2,000; gain to Tim of $2,000.
c. Deductible loss to John of $2,000; gain to Tim of $2,000.
d. Disallowed loss to John of $2,000; gain to Tim of $1,000.
e. Deductible loss to John of $2,000; gain to Tim of $4,000.
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