Mr. Kiel bought 100 shares of ABC Corporation stock for $1.100 on January 20, 20X3....
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Mr. Kiel bought 100 shares of ABC Corporation stock for $1.100 on January 20, 20X3. On December 25, 20X8 he sold all 100 shares of his ABC stock for $900. Based on a hot tip from his friend, he bought 100 shares of ABC stock on January 15, 20X9 for $600. What is Mr. Kiel's recognized loss on his 20X8 sale and what is his basis in his 100 shares purchased in 20X9? O A. $0 LTCL and $600 basis O B. $0 LTCL and $700 basis c. $0 LTCL and $800 basis O D. $200 LTCL and $700 basis O E. $200 LTCL and $800 basis John sold some of his investment on bonds. Which of the following methods in basis calculation provides the best opportunity for his tax saving? O ALIFO O B. FIFO O c. Weighted average OD. Specific identification O E. No difference
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