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(Answered) Nelson purchase of Black Corporation stock


Four years ago, Nelson purchased stock in Black Corporation for $37,000. The stock has a current value of $5,000. Nelson needs to decide which of the following alternatives to pursue. Determine the tax effect of each.;a. Without selling the stock, Nelson deducts $32,000 for the partial worthlessness of Black Corporation investment.;B. Nelson sells the stock to his aunt fo $5,000 and deducts a $32,000 long-term capital loss.;c. Nelson sells the stock to a third party and deducts an ordinary loss.;d. Nelson sells the stock to his mother for $5,000 and deducts a $32,000 long term capital loss.;e. Nelson sells the stock to a third party and deducts a $32,000 long term capital loss.
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Nelson purchase of Black Corporation stock

 


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