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Ms. Crocker bought 1,000 shares of EMO Corporation stock for $10,000 on January 20, Year...

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Accounting

Ms. Crocker bought 1,000 shares of EMO Corporation stock for $10,000 on January 20, Year 1. On December 28, Year 3 she sold all 1,000 shares of her EMO stock for $9,000. Based on a hot tip from her friend, she bought 1,000 shares of EMO stock on January 15, Year 4 for $7,000. What is Ms. Crocker's recognized loss on her Year 3 sale and what is her basis in her 1,000 shares purchased in Year 4? A. $0 LTCL and $7,000 basis. B. $0 LTCL and $8,000 basis. C. $1,000 LTCL and $7,000 basis. D. $1,000 LTCL and $8,000 basis. E. None of the above

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