On September 3, 2014, Able, a single individual, purchased stock in Red Corporation for $60,000....
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Accounting
On September 3, 2014, Able, a single individual, purchased stock in Red Corporation for $60,000. The stock was not section 1244 stock. On August 1, 2015, Able was notified that the stock was worthless. How should Able report this item on his 2015 tax return?
a. $60,000 ordinary loss.
b. $60,000 short-term capital loss.
c. $60,000 long-term capital loss
.d. None of these.
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