Ralph and Yolanda Purchased 20% of the Initial Offering of Major

question 99

Multiple Choice

Ralph and Yolanda purchased 20% of the initial offering of Major Corporation common stock for $150,000. Major Corporation is a qualifying small business corporation and the stock qualifies as Sec. 1244 stock. Ten months later, Major Corporation files for bankruptcy and the shareholders are notified that the stock is worthless. Ralph and Yolanda, who are married and file a joint return, have a

• A)$150,000 ordinary loss.
• B)$150,000 capital loss.
• C)$100,000 ordinary loss; $50,000 capital loss.
• D)$100,000 ordinary loss; $50,000 ordinary loss carryforward.

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Definitions:

IAT

The Implicit Association Test, a psychological assessment designed to reveal the strength of an individual's automatic association between mental representations of objects or concepts.

TAT

Thematic Apperception Test, a projective psychological test that involves telling stories about ambiguous scenes to uncover underlying motives, feelings, and life experiences.

Rorschach

The Rorschach test is a psychological test consisting of inkblots displayed to a participant, intended to reveal underlying thought disorders and emotions through the participant's interpretations.

Open Science

The movement towards more transparent, accessible, and collaborative practices in scientific research, including the sharing of data and findings.