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Wash sale rule. Tiffany purchased 100 shares of ACE Corporation stock for $28,000 on January...

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Accounting

Wash sale rule. Tiffany purchased 100 shares of ACE Corporation stock for $28,000 on January 1 of last year. In the current tax year, she sold 30 shares of these 100 shares for $8,000. Twenty-nine days earlier, she had purchased 30 shares for $7,500. (a) What is her recognized loss/gain based on these transactions? (b) What is Tiffanys basis in the new shares?

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