Lloyd purchased 100 shares of Gold Corporation common stock for $20 per share for a total basis of $2,000.Several years later,on May 1 of the current year,Lloyd sells all 100 shares for $500.On May 29 of the current year,Lloyd purchases 30 shares of Gold Corporation common stock for $180.
a.How much loss is Lloyd allowed to recognize?
b.What is Lloyd's basis in the 30 new shares?

Question

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The Answer of Lloyd purchased 100 shares of Gold Corporation common stock for $20 per share for a total basis of $2,000.Several years later,on May 1 of the current year,Lloyd sells all 100 shares for $500.On May 29 of the current year,Lloyd purchases 30 shares of Gold Corporation common stock for $180.
a.How much loss is Lloyd allowed to recognize?
b.What is Lloyd's basis in the 30 new shares?

Lloyd Purchased 100 Shares of Gold Corporation Common Stock for $20