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What shaney should report

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Reference no: EM132944392

Problem 1: Shaney Corporation repurchased its own outstanding bonds in the open market for $258,000 on May 31, 2019. The bonds were originally issued on May 5, 2015, at face value of $250,000. For its tax year ending December 31, 2019, Shaney should report

a. Neither income nor a deduction
b. A deduction of $8,000
c. Capital loss of $8,000
d. Capital gain of $8,000

Reference no: EM132944392

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