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Wash Sales Cougar Corporation owns 1000 shares of Western Corporation common stock, which it purchased on March 8 2008 for $12000 On October 3 2014 Cougar purchases an additional 300 shares

Wash Sales. Cougar Corporation owns 1,000 shares of Western Corporation common stock, which it purchased on March 8, 2008, for $12,000. On October 3, 2014, Cougar purchases an additional 300 shares for $3,000. On October 12, 2014, it sells the original 1,000 shares for $8,500. On November 1, 2014, it purchases an additional 500 shares for $4,000. a. What is Cougars recognized gain or loss as a result of the sale on October 12, 2014? b. What are the basis and the holding period of the stock Cougar continues to hold? c. How would your answers to Parts a and b change if the stock Cougar purchases during 2014 is Western nonvoting, nonconvertible, preferred stock instead of Western common stock?

Apr 07 2020 View more View Less

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