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  3. john purchased 300 shares of ibm at $27 per share

John purchased 300 shares of IBM at $27 per share on 7/1/17. Answer each question...

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Accounting

John purchased 300 shares of IBM at $27 per share on 7/1/17. Answer each question below ignoring any costs of purchase or sale (broker fees). EACH OF THE QUESTIONS IS INDEPENDENT so always begin your calculations with Johns original basis of $27 per share. Gains or losses are long-term if the holding period is greater than one year. Otherwise, they are short-term.

  1. John sells the stock on 7/1/18 for $50 per share.

What gain or loss will John recognize on the sale? Is it short term or long term?

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