please provide explanation: Ron owns 1,000 shares of Juno Corporation common stock which he purchased in 20X6 for $12.000. On 5-30-20X9 he purchases an additional 300 shares for $2,000. On 6-20-20X9 he sells the original 1,000 shares for $8,000. On 7-15-20X9 he purchases 450 shares of Juno stock for $5.000. What is Ron's recognized gain or loss as a result of the sale of the stock and what is the basis for the shares purchased on 7-15-20X9, respectively? a. $1,000 loss; $6,200 basis b. $3,000 loss; $6,800 basis c. $4,000 loss; $5,000 basis d. $1,000 loss; $6,800 basis e. None of the answers provided is correct.
please provide explanation: Ron owns 1,000 shares of Juno Corporation common stock which he purchased in 20X6 for $12.000. On 5-30-20X9 he purchases an additional 300 shares for $2,000. On 6-20-20X9 he sells the original 1,000 shares for $8,000. On 7-15-20X9 he purchases 450 shares of Juno stock for $5.000. What is Ron's recognized gain or loss as a result of the sale of the stock and what is the basis for the shares purchased on 7-15-20X9, respectively? a. $1,000 loss; $6,200 basis b. $3,000 loss; $6,800 basis c. $4,000 loss; $5,000 basis d. $1,000 loss; $6,800 basis e. None of the answers provided is correct.
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 71IIP
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please provide explanation:
Ron owns 1,000 shares of Juno Corporation common stock which he purchased in 20X6 for $12.000. On 5-30-20X9 he purchases an additional 300 shares for $2,000. On 6-20-20X9 he sells the original 1,000
shares for $8,000. On 7-15-20X9 he purchases 450 shares of Juno stock for $5.000. What is Ron's recognized gain or loss as a result of the sale of the stock and what is the basis for the shares purchased on 7-15-20X9, respectively?
a. $1,000 loss; $6,200 basis
b. $3,000 loss; $6,800 basis
c. $4,000 loss; $5,000 basis
d. $1,000 loss; $6,800 basis
e. None of the answers provided is correct.
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