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  3. 9. on december 28, 20x2, nate sells 100 shares of

9. On December 28, 20x2, Nate sells 100 shares of Jupiter, Inc. stock for $77,000....

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Accounting

9. On December 28, 20x2, Nate sells 100 shares of Jupiter, Inc. stock for $77,000. On January 10, 20x3, he purchases 100 shares of the same stock for $82,000.

  1. Assuming that Nate's adjusted basis for the stock sold is $65,000, what is his recognized gain or loss? What is his basis for the new shares?

  1. Assuming that Nate's adjusted basis for the stock sold is $89,000, what is his recognized gain or loss? What is his basis for the new shares?

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