62. LO5 Pedro purchases 50 shares of Piper Company stock on February 19, 2017, at a cost of $4,300. He sells the 50 shares on July 2, 2020, for $9,000. On March 14, 2020, Pedro purchases 100 shares of Troxel stock for $9,700. He sells the Troxel shares on December 18, 2020, for $6,600. What is the effect of the stock sales on Pedro's 2020 income?

Tom purchases 1,000 shares of Standard Corp. stock in 2017 for $31,000. On October 1, 2020, he sells the stock for only $10,000. On October 29, 2020 Tom buys 1,000 shares of Standard Corp. again for $10,000.  How much of the October 1, 2020 loss may Tom deduct this year? Group of answer choices $0. $3,000. $21,000. $31,000.

Problem 14-56 (Algorithmic) (LO. 4) Dennis sells short 100 shares of ARC stock at $184 per share on January 15, 2020. He buys 200 shares of ARC stock on April 1, 2020, at $230 per share. On May 2, 2020, he closes the short sale by delivering 100 of the shares purchased on April 1. a. What are the amount and nature of the loss upon closing the short sale? Dennis has a short-term capital v loss in the amount of $ 4,600 x. Feedback vCheck My Work A short sale occurs when a taxpayer sells borrowed property and repays the lender with substantially identical property either held on the date of the sale or purchased after the sale. b. When does the holding period for the remaining shares begin? The holding period for the remaining shares begins on May 2 x . Feedback Check My Work Incorrect c. If Dennis sells (at $253 per share) the remaining 100 shares on January 20, 2021, what will be the nature of his gain or loss? Dennis has a short-term capital gain v in the amount of $ 200 x . Feedback…

Sam buys 500 shares fo XYZ, Inc. for $10,000. On December 15, 2020. he sells all of these shares for $7,000 (a $3.000 loss).  On January 10, 2021, he buys another 500 shares of identical XYZ stock for $8,000.  What is Sam's basis in the XYZ stock purchased on January 10, 2021?