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emmainna [20.7K]
3 years ago
15

On July 20, 2017, Matt (who files a joint return) purchased 3,000 shares of Orange Corporation stock (the stock is § 1244 small

business stock) for $24,000. On November 10, 2017, Matt purchased an additional 1,000 shares of Orange Corporation stock from a friend for $150,000. On September 15, 2018, Matt sold the 4,000 shares of stock for $120,000. How should Matt treat the sale of the stock on his 2018 return?
Business
1 answer:
ivann1987 [24]3 years ago
5 0

Answer Choices:

a. $54,000 ordinary loss.

b. $100,000 ordinary loss; $46,000 net capital gain.

c. $100,000 ordinary loss; $20,000 STCL.

d. $130,000 ordinary loss; $66,000 LTCG.

e. None of the above.

Answer:

e. None of the above.

Explanation:

Matt has a $54,000 STCL ($120,000 - $66,000)

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