This year Barney purchased 600 shares of Bell common stock for $25.00 per share. At...
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Accounting
This year Barney purchased 600 shares of Bell common stock for $25.00 per share. At year-end, the Bell shares were only worth $2.50 per share. What amount can Barney deduct as a loss this year?
Multiple Choice
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$15,000.
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$13,500.
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$1,500.
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Barney can deduct $15,000 only if he includes $1,500 in his taxable income.
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None of the choices are correct - Barney is not entitled to a loss deduction.
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