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On July 20 2015 Brad who files a joint return purchased 3000 shares of Purple Corporation stock the stock is 1244 small business stock for $24000 On November 10 2015 Brad purchased

On July 20, 2015, Brad (who files a joint return) purchased 3,000 shares of Purple Corporation stock (the stock is 1244 small business stock) for $24,000. On November 10, 2015, Brad purchased an additional 1,000 shares of Purple Corporation stock from a friend. Brad sold the 4,000 shares of stock for $120,000. How should Brad treat the sale of the stock on his 2016 return? $54,000 ordinary loss. $100,000 ordinary loss; $46,000 net capital gain. $100,000 ordinary loss; $20,000 STCL. $130,000 ordinary loss; $66,000 LTCG. None of the above.

 

Mar 22 2020 View more View Less

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