Kim purchased 500 shares in Prompt Messenger Services for $12,000 on November 21, 2021. The company went bankrupt on June 12, 2022, with no hope of recovery for the shareholders. On what date is the stock deemed to be worthless and what is the nature of the loss?
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Kim purchased 500 shares in Prompt Messenger Services for $12,000 on November 21, 2021. The company went bankrupt on June 12, 2022, with no hope of recovery for the shareholders. On what date is the stock deemed to be worthless and what is the nature of the loss?
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- On April 18, 2020, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September 29, 2020, she purchased 90 additional shares for $900. On November 28, 2020, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2020, she sold another 25 shares for $188. What is her recognized gain or loss?Fiona purchased 200 shares of Oxygon stock for $11 a share on August 11, 2020. On July 28, 2021, the price had fallen to $8. Concerned that the price might decline further, Fiona sold all her shares that day. She later regretted this move, and on August 7, 2021, she repurchased the stock when it was $10 a share. What is Fiona's 2021 capital gain or loss on these transactions? No gain or loss will be reported. $100 short-term loss. $200 short-term loss. $300 short-term loss.In 2017, Marvin bought 100 shares of ABC stock. He decided to sell the stock on March 30, 2022. Marvin’s original cost for the stock was $15,065 plus an additional $55 in broker’s fees. When he sold the stock, he received gross proceeds of $9,757. What is the net gain or loss from his transaction? Is it a long- or short-term capital gain or loss?
- Kristoff purchased 250 shares of Marigold Company shares for $4,000 on February 2, 2022. On August 2, 2022, he sold all 250 shares for $5,700. What is the resulting gain or loss? Is it a short-term or long-term capital gain or loss?On December 28, 2020, Kramer sells 150 shares of Lavender, Inc. stock for $77,000. On January 10, 2021, he purchases 100 shares of the same stock for $82,000. Assuming that Kramer's adjusted basis for the stock sold is $89,000, what is his recognized gain or loss? Kramer's recognized loss is $________. (Side note: 120000 & -12000 is wrong) What is his basis for the new shares? $90,000.Sam Shoeman, a calendar year taxpayer, purchased stock in Eaton Corporation on July 12, 2020, for $2,500. On December 12, 2020, Eaton went bankrupt. What is Sam's 2020 loss? $2,500 long-term capital loss $2,500 ordinary loss $2,500 short-term capital loss No loss
- On February 4, 2017, Jonathon Cash bought 1,000 shares of Country Corporation stock for $6,800. On May 12, 2020, Jonathon sold all 1,000 shares of his Country Corporation stock for $5,400. After reading an article about a new product the company just released, he decided to buy 1,000 more shares of Country stock on June 3, 2020, for $3,450. What is Jonathon's recognized loss on his May sale of the Country stock, and what is his basis in the 1,000 shares he purchased in June?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 lossOn April 10, 2019, Shen paid $48,650 for corporate stock. Shen died on July 14, 2021, when the stock was valued $29,190, and his son, Mijo, inherited it. On November 12, 2021, Mijo sold the shares for $34,055. What is the size and nature of Mijo's gain or loss? He has a long-term financial gain of $.
- Dennis sells short 125 shares of ARC stock at $104 per share on January 15, 2021. He buys 250 shares of ARC stock on April 1, 2021, at $130 per share. On May 2, 2021, he closes the short sale by delivering 125 of the shares purchased on April 1. a. What are the amount and nature of the loss upon closing the short sale? Dennis has short-term capital loss in the amount of $fill in the blank . b. When does the holding period for the remaining shares begin? The holding period for the remaining shares begins on May 2. c. If Dennis sells (at $143 per share) the remaining 125 shares on January 20, 2022, what will be the nature of his gain or loss? Dennis has short-term capital gain in the amount of $fill in the blank .Dennis sells short 475 shares of ARC stock at $112 per share on January 15, 2019. He buys 950 shares of ARC stock on April 1, 2019, at $140 per share. On May 2, 2019, Dennis closes the short sale by delivering 475 of the shares purchased on April 1. a. What are the amount and nature of the loss upon closing the short sale? Dennis has loss in the amount of $ b. When does the holding period for the remaining shares begin? The holding period for the remaining shares begins on c. If Dennis sells (at $154 per share) the remaining 475 shares on January 20, 2020, what will be the nature of his gain or loss? Dennis has in the amount of $Shen purchased corporate stock for $46,500 on April 10, 2018. On July 14, 2020, when the stock was worth $27,900, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $32,550 on November 12, 2020.
