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Three years ago, Matthew purchased 250 shares of stock in T Corporation for $14,000. On...

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Accounting

Three years ago, Matthew purchased 250 shares of stock in T Corporation for $14,000. On December 5 of year 4, Matthew sells the 250 shares for $15,500.
Part-a
a. What is Matthew's capital gain or loss from the sale on December 5 of year 4?
Part-b
b. Assuming Matthew has no other capital gains or losses, except that on October 15 of year 5, Matthew purchases 250 shares of T Corporation stock for $15,200. How much gain or loss from the sale on December 5 of year 4 is taxable on Matthew's year 4 tax return? What basis does Matthew take in the stock purchased on October 15 of year 5?
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