Hi, please help me with this question.   Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of $60,000. He sells the Blue stock for $5,000 in the current year. Determine the amount and nature of Minjun's gain or loss recognized this year. Minjun's sale of Blue Corporation stock produces a total loss of $ of which $ is treated as a capital loss.

Vaibhav

Jack, an individual calendar-year taxpayer engaged in the following transactions: Purchased 100 shares of Core Co. common stock for $15,000 on December 15, Year 1 Purchased an additional 100 shares of Core Co. common stock for $13,000 on December 30, Year 1 On January 3, Year 2, sold for $10,000 the 100 shares purchased on December 15th Based on these transactions, what amount of loss from the sale of Core's stock is deductible on Jack's Year 1 and Year 2 income tax returns?           Year 1 $0; Year 2 $3,000     Year 1 $0; Year 2 $5,000     Year 1 $0; Year 2 $2,000     Year 1 $0; Year 2 $0

Margaret Lindley paid $15,190 of interest on her $301,900 acquisition debt for her home (fair market value of $501,900), $4,190 of interest on her $30,190 home-equity debt used to buy a new boat and car, $1,190 of credit card interest, and $3,190 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,190 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year? $23,760 $22,570 $19,380 $18,380 None of the choices are correct.

In the current​ year, Dan​, Jay​, and Erin form Zeus Corporation. Dan contributes land​ (a capital​ asset) having a $75,000 FMV​ (fair market​ value) in exchange for 85 shares of Zeus stock. He purchased the land three years ago for $100,000. Jay contributes machinery​ (Sec. 1231 property purchased four years​ ago) having a $115,000 adjusted basis and a $45,000 FMV in exchange for 75 shares of Zeus stock. Erin contributes services worth $30,000 in exchange for 10 shares of Zeus stock. A. What is the amount of Dan​'s recognized gain or​ loss? b.What is Dan​'s basis in his Zeus ​shares? When does his holding period​ begin? c.What is the amount of Jay​'s recognized gain or​ loss? d. What is Jay​'s basis in his Zeus shares? When does his holding period​ begin? e.How much​ income, if​ any, does Erin ​recognize? f.What is Erin​'s basis in her Zeus ​shares? When does her holding period​ begin? g. What is Zeus​'s basis in the land and the​ machinery? When does its holding period​ begin? How…

Ari owns 1,000 shares of ABC, Inc., for which she paid $18,000 several years ago. On March 15 of the current year, she purchases 400 additional shares for $5,000. Ari sells the original 1,000 shares for $13,500 on April 1 of the current year. These are her only stock transactions during the current year. Ari's capital loss deduction for the current year and her basis in the new shares are as follows: Capital loss        Basis Group of answer choices A)$3,000        $5,000 B)$2,700        $6,800 C)$4,500        $5,000 D)$3,000        $6,800 E)$2,700        $5,000

Damarcus is a 50 percent owner of Hoop (a business entity). In the current year, Hoop reported a $100,000 business loss. Answer the following questions associated with each of the following alternative scenarios. (Leave no answer blank. Enter zero if applicable.)   a. Hoop is organized as a C corporation and Damarcus works full-time as an employee for Hoop. Damarcus has a $20,000 basis in his Hoop stock. How much of Hoop’s loss is Damarcus allowed to deduct against his other income?     Allowable deduction of loss

Deirdre sold 192 shares of stock to her brother, James, for $5,760. Deirdre purchased the stock several years ago for $7,680. (Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.) b. What amount of gain or loss does James recognize if he sells the stock for $8,064? Recognized gain or loss

H sold shares of a public company worth $90,000 to a Canadian corporation owned by H and her spouse. The shares had an adjusted cost base of $130,000 at the time of the sale. The corporation continues to own the shares. What is the amount of H's allowable capital loss? Note: Do not place a minus sign in front of the amount.

Assume, for purposes of this question only, that Susan acquired 2,000 shares of Hawk Corporation stock for $80,000 on March 31, 2014. On March 1, 2023, she sells 125 shares for $3,750. On March 22, 2023, she purchases 135 shares of Hawk Corporation stock for $4,725. a. What is Susan’s realized gain or loss from the sale on March 1, 2023? b. What is Susan’s recognized gain or loss from the sale on March 1, 2023? c. What is Susan’s basis in the 135 shares purchased on March 22, 2023? d. When does Susan’s holding period begin for the 135 shares