Melissa Sells Stock She Purchased in 2004 for a $7,500

question 21

Multiple Choice

Melissa sells stock she purchased in 2004 for a $7,500 gain in 2016.In August 2016,she also sells land she purchased as an investment in December 2015 at a loss of $12,000.
I.Melissa's tax on the $7,500 gain is $1,125.
II.Melissa has a deductible capital loss of $3,000 in 2016.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Middle Manager

A managerial position that bridges the gap between the executive level and the operational staff within an organization.

Organization Change

Refers to the process through which organizations transform their structure, strategies, operational methods, or culture to adapt to changes in the external environment or to improve internal efficiency.

Executive Edit

The process of making revisions or decisions by a senior editor or executive, particularly in publishing or content creation.

Role Model

A person whose behavior, example, or success is or can be emulated by others, especially by younger people.