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Author Question: Lucia owns 100 shares of Cronco Inc. which she purchased on December 1 of last year for $10,000. The ... (Read 60 times)

fox

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Lucia owns 100 shares of Cronco Inc. which she purchased on December 1 of last year for $10,000. The stock is not Sec. 1244 stock. On July 1 of the current year, Lucia receives notice from the bankruptcy court that Conco Inc. has been liquidated, and there are no assets remaining for shareholders. As a result, Lucia will have
◦ a short-term capital loss of $10,000.
◦ a long-term capital loss of $10,000.
◦ an ordinary loss of $10,000.
◦ no loss allowed.


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Marked as best answer by fox on Sep 13, 2020

irishcancer18

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fox

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Reply 2 on: Sep 13, 2020
Wow, this really help


gcook

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Reply 3 on: Yesterday
Excellent

 

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