Kevin bought 280 shares of Intel stock on January 1, 2020, for $82 per share, with a brokerage fee of $180. Then, Kevin sells all 280 shares for $91 per share on December 12, 2020. The brokerage fee on the sale was $230. What is the amount of the gain/loss Kevin must report on his 2020 tax return?
A)$1,700.
B)$2,110.
C)$2,520.
D)$2,930.
E)None of the choices are correct.

Question

Quizplus · Accepted Answer

Kevin's gain is calculated as follows: (Selling price per share - Purchase price per share) * Number of shares - Total brokerage fees = ($91 - $82) * 280 - ($180 + $230) = $2,110.

Kevin Bought 280 Shares of Intel Stock on January 1