Victor bought 100 shares of stock of Wabash Manufacturing Corporation from an unrelated individual paying $1 per share on December 20,2015.On April 17,2016,the corporation is declared bankrupt and the shares are deemed worthless.What is the amount and character of Victor's recognized loss as a result of the bankruptcy?
A) $100 short-term capital loss.
B) $100 long-term capital loss.
C) $100 ordinary loss.
D) No gain or loss until the stock is sold.
E) The amount is $100, but the character is indeterminable from the information given.
Correct Answer:
Verified
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