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Ray, single, purchased corp. stock 12/27/2021 for $5,000. It became worthless 10/27/22. Additionally, he purchased §1244 stock 3 years ago for $200,000, but sold it this year for $50,000. How much ordinary loss and capital loss must he recognize? Insert the following answers in the blanks in this order. (please include a number 0-200000) in each blank. 1. Amount of short-term capital loss 2. Amount of long-term capital loss 3. Amount of ordinary loss

Ray, single, purchased corp. stock 12/27/2021 for $5,000. It became worthless 10/27/22. Additionally, he purchased §1244 stock 3 years ago for $200,000, but sold it this year for $50,000. How much ordinary loss and capital loss must he recognize? Insert the following answers in the blanks in this order. (please include a number 0-200000) in each blank. 1. Amount of short-term capital loss 2. Amount of long-term capital loss 3. Amount of ordinary loss

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ray, single, purchased corp. stock 12/27/2021 for $5,000. It became worthless 10/27/22. Additionally, he purchased §1244 stock 3 years ago for $200,000, but sold it this year for $50,000. How much ordinary loss and capital loss must he recognize? Insert the following answers in the blanks in this order. (please include a number 0-200000) in each blank. 1. Amount of short-term capital loss 2. Amount of long-term capital loss 3. Amount of ordinary loss 5000 100000 50000 N P N
Transcribed Image Text:Ray, single, purchased corp. stock 12/27/2021 for $5,000. It became worthless 10/27/22. Additionally, he purchased §1244 stock 3 years ago for $200,000, but sold it this year for $50,000. How much ordinary loss and capital loss must he recognize? Insert the following answers in the blanks in this order. (please include a number 0-200000) in each blank. 1. Amount of short-term capital loss 2. Amount of long-term capital loss 3. Amount of ordinary loss 5000 100000 50000 N P N
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