Lem Lumberjack Sells 100 Shares (Basis of $5,000) of Redwood

question 6

Multiple Choice

Lem Lumberjack sells 100 shares (basis of $5,000) of Redwood Corporation common stock on March 8, 2012, for $4,000. On March 29, 2012, Lem purchases 50 shares of Redwood Corporation common stock for $2,500. Lem's recognized loss on the sale is:

• A) $1,000
• B) $500
• C) $1,500
• D) $0

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