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Refer to the Wash Sales discussion in Ch. 7 (Concepts in Federal Taxation 2021) and...

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Finance

Refer to the Wash Sales discussion in Ch. 7 (Concepts in Federal Taxation 2021) and consider the following facts:

  • Year 1 (April): Tammy purchases 1,000 shares of ABC Corp. stock for $36,000.
  • Year 4 (mid-December): Tammy sells all 1,000 of those ABC shares for $20,000.
  • Year 5 (early January): Tammy purchases 1,000 ABC shares for $22,000.
  • Year 7 (July): Tammy sells all 1,000 of those ABC shares for $26,000.

State the amount of Tammys gain or loss on the Year 7 sale.

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