Lucia Owns 100 Shares of Cronco Inc

question 118

Multiple Choice

Lucia owns 100 shares of Cronco Inc.which she purchased on December 1 of last year for $10,000.The stock is not Sec.1244 stock.On July 1 of the current year,Lucia receives notice from the bankruptcy court that Conco Inc.has been liquidated,and there are no assets remaining for shareholders.As a result,Lucia will have

• A)a short-term capital loss of $10,000.
• B)a long-term capital loss of $10,000.
• C)an ordinary loss of $10,000.
• D)no loss allowed.

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Definitions:

X Chromosomes

One of the two types of sex chromosomes, X and Y, that determine the genetic sex of an organism; X chromosomes carry a significant number of genes unrelated to sex.

Ovarian Failure

A condition in which the ovaries stop functioning before age 40, leading to a loss of regular menstrual cycles and infertility.

Turner Syndrome

A chromosomal disorder affecting females, characterized by the partial or complete loss of one of the two X chromosomes.

Color-Blind Recessive Allele

A genetic variant that must be inherited from both parents to express a color-blind condition, as it is recessive.