On February 11, Year 1, an individual 100 shares of stock at $10 per share. On June 11, Year 2, the individual sold the same 100 shares at $7 per share. What is the character of gain or loss on the sale? $300 long-term capital gain. $300 long-term capital loss. $300 short-term capital gain. $300 short-term capital loss
On February 11, Year 1, an individual 100 shares of stock at $10 per share. On June 11, Year 2, the individual sold the same 100 shares at $7 per share. What is the character of gain or loss on the sale? $300 long-term capital gain. $300 long-term capital loss. $300 short-term capital gain. $300 short-term capital loss
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 5BCRQ
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Transcribed Image Text:On February 11, Year 1, an individual 100 shares of stock at $10 per share. On June 11, Year 2, the individual sold the same 100 shares at $7 per share.
What is the character of gain or loss on the sale?
$300 long-term capital gain.
$300 long-term capital loss.
$300 short-term capital gain.
$300 short-term capital loss
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