1) Give a simple, nontechnical 1 sentence answer to the question posed. 2) What is (are) the Code section(s) at issue? 3) Are any Treasury Regulations relevant?
Please answer the following question:
Facts: Matthew sold 200 shares of Xerox stock on December 23, Year 1. The stock had a basis of $4,000 and was sold for $2,000, resulting in a $2,000 loss realized. On January 10 of Year 2, Matthew caused his IRA to purchase 400 shares of Xerox stock for $4,000.
Issue: Assuming there are available
1) Give a simple, nontechnical 1 sentence answer to the question posed.
2) What is (are) the Code section(s) at issue?
3) Are any Treasury Regulations relevant?
4) List the case/ruling authority on which you relied to arrive at your answer (please provide the name of any case, not just a citation).
5) Provide a step-by-step description of how you arrived at your answer and located the primary sources that you used to support it (include a discussion of the case law or Ruling authority on which you relied)
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