Please do No.15 and 22 15. Wash Sales. (Obj. 2) An individual taxpayer, not...
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Please do No.15 and 22
15. Wash Sales. (Obj. 2) An individual taxpayer, not a dealer or trader in securities, completed the transactions shown below for Micro Products Company common stock. September 15, 2016, purchased 100 shares at a cost of $4,800 December 10, 2016, sold the above shares for $3,200 January 4, 2017, purchased 60 shares at a cost of $1,800 a. Compute the recognized gain or loss from the December 10 sale and the taxpayer's basis in the stock purchased on January 4. b. Same as in Part a., except that the sales price of the shares sold on December 10 was $5,300. c. Compute the recognized gain or loss from the December 10 sale and the taxpayer's basis in the stock purchased on January 4 assuming that (i) the sales price of the shares sold on December 10 was $3,200 and (ii) the shares of stock sold on December 10 had been inherited by the taxpayer from the taxpayer's father on September 15, 2016. At the time of the father's death, the shares were valued at $2,500. The father had purchased the stock two months earlier for $2,000. No estate tax return was filed
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Please do No.15 and 22