Ronald,a single taxpayer,purchased 300 shares of Jasmine Inc.,stock on October 14,2011,for $4,000.He sells the stock on August 22,2013,for $2,000.Ronald has no other capital asset transactions in 2013.
I.If Ronald's taxable income without considering the stock sale is $93,000,the sale of the stock will decrease his income tax liability by $560.
II.If Ronald's taxable income without considering the stock sale is $13,000,the sale of the stock will decrease his income tax liability by $300.
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

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The Answer of Ronald,a single taxpayer,purchased 300 shares of Jasmine Inc.,stock on October 14,2011,for $4,000.He sells the stock on August 22,2013,for $2,000.Ronald has no other capital asset transactions in 2013.
I.If Ronald's taxable income without considering the stock sale is $93,000,the sale of the stock will decrease his income tax liability by $560.
II.If Ronald's taxable income without considering the stock sale is $13,000,the sale of the stock will decrease his income tax liability by $300.
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Ronald,a Single Taxpayer,purchased 300 Shares of Jasmine Inc