Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps

Exercise 57

Amal received a Form 1099-DIV with a capital gain distribution of $170. She also received a Form 1099-B from the sale of 240 shares of AMS stock she purchased for $2,400 plus a $28 commission fee on February 22, 2009. The net proceeds of the stock sale were $2,200 (the commission fee was $14) and the trade date was February 22, 2010. What are the amount and nature of Amal's gain (loss) on these transactions? a. $214 short-term loss and $170 long-term gain.
B) $214 long-term loss and $170 short-term gain.
C) $228 long-term loss and $170 short-term gain.
D) $228 short-term loss and $170 long-term gain.