Amy,a Single Individual and Sole Shareholder of Brown Corporation,sold All

question 57

Multiple Choice

Amy,a single individual and sole shareholder of Brown Corporation,sold all of the Brown stock for $30,000.Amy's stock basis was $150,000.She had owned the stock for 3 years.Brown Corporation meets the Section 1244 requirements.Amy has

• A)a $50,000 ordinary loss and $70,000 LTCL.
• B)a $50,000 STCL and a $70,000 LTCL.
• C)a $100,000 ordinary loss and a $20,000 LTCL.
• D)a $100,000 LTCL and a $20,000 ordinary loss.

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Definitions:

Genetic Predisposition

The increased likelihood of developing a particular disease based on a person's genetic makeup.

Genetic Inevitability

The concept that certain traits or conditions are determined by genes and are therefore unavoidable.

Neurotic

A term describing individuals who are prone to emotional instability, anxiety, and other psychological stresses, but not to the extent of psychosis.

Big Five

A theory describing five broad dimensions of human personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.