Mark bought 200 shares of Silver Tech Corporation for $15,000 on March 15, 2022. In the current tax year, he sells 50 shares of the stock for $3,000. Twenty days before this sale, he had purchased 60 shares of the same stock for $4,200. What is Mark's recognized gain or loss on the sale of the 50 shares and what is Mark's basis in the 60 shares purchased 20 days earlier?

Jayne purchased General Motors stock 6 years ago for $20,000. In the current year, she sells the stock for $35,000. What is Jayne's gain or loss? $15,000 long-term gain $15,000 short-term gain $15,000 ordinary loss $15,000 extraordinary gain No gain or loss is recognized on this transaction.