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In January Year 1 X a US citizen sells a capital asset with a basis of 100 euros for 1000 euros when the US dollar euro exchange rate was 2 euros per dollar In Year 2 X converts the euros

 In January Year 1, X, a U.S. citizen, sells a capital asset with a basis of 100 euros for 1,000 euros when the U.S. dollar/euro exchange rate was 2 euros per dollar. In Year 2, X converts the euros to dollars when the exchange rate is 1 euro per dollar. What is X’s gain or loss in Years 1 and 2?

 

Aug 23 2020 View more View Less

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