Reportable Gain/Loss on sale of Sec 1244 Glenco Stock
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Vanessa bought 2,000 shares of Glenco stock when the company was first formed for $57,000. The company had $900,000 of total capital when formed and the stock qualified as Section 1244 stock. Vanessa sold the stock three years later for $3,000. If Vanessa is single, how much gain or loss does she have on the sale of the stock and how will it be treated by her?
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Solution Summary
The solution Calculate Vanessa's reportable gain or Loss on sale of Sec 1244 Glenco stock.
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Answer:
Under section 1244, losses that would otherwise be treated as capital losses are treated as
ordinary losses. The amount that one can ...
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