Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $6,100 on January 15, On December 31, 2023, she sold all 1,000 shares of her Ibis stock for $5,050. Base hot tip from her friend, she bought 1,000 shares of Ibis stock on January 23, 2024, $3,275. What is Ms. Fresh's recognized loss on her 2023 sale, and what is her basis 1,000 shares purchased in 2024? $840 LTCL and $3,485 basis $630 LTCL and $3,695 basis $0 LTCL and $4,325 basis O $420 LTCL and $3,905 basis O$1,050 LTCL and $3,275 basis

Q: the concept of globalization

A: Globalization connects the economies of the whole world by removing trade barriers and enabling them…

Q: Define asset-backed security

A: Answer: Asset backed security is nothing but a security is made up of other financial securities.…

Q: Define corporation

A: Corporation is a legal entity separate from its shareholders. Just like an individual, a corporation…

Q: What is an operating segment?

A: Operating segment: It is defined as providing information about the business actives with an…

Q: Define Regulation National Market System (Reg NMS)

A: Answer: National market system (NMS) is nothing but a set of rules adopted by securities and…

Q: What can be understood from “Segment Reporting"?

A: Financial reporting:   It refers to the disclosure of financial results of an organization for a…

Q: Define target company

A: Companies expand by acquiring or merging with other companies. By purchasing companies, company can…

Q: Define trade-off theory

A: Answer: The trade-off theory suggests a leveraged company’s valuation is equal to the value of an…

Q: Explanation 1031 like-kind exchange

A:

Q: Define warehouse receipt financing

A: A warehouse receipt is a document of proof about the ownership of goods kept in that warehouse.

Q: Define dealer market

A: Answer: Usually, secondary market is a place in which investor will buy and sell securities between…

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: What is an agency order?

A: Solution- Agency order An order to buy or sell that a broker executes with another investor. The…

Q: Consistency Principal Definition

A: Generally Accepted Accounting Principles (GAAP):These are the guidelines necessary to create…

Q: Define classified boards

A: In classified board structure, certain board of directors are classified depending on time length of…

Q: What is meant by the term decentralization?

A: Decision-making process:Decision making can be defined as the process of making choices through the…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Q: difference between IFRS standardization and harmonization

A: Financial Reporting (IFRS) are a set of accounting principles for financial reporting published by…

Q: Define S corporation

A: The S corporation is a tax election that legal business entities can choose to elect for taxes…

Q: key internal and external stakeholders

A: The internal stakeholders of a company are listed as below: Employees, Managers, The board of…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.