Identify the tax issue or issues suggested by the following
Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question.
At the beginning of the year, Firm GH owned 8,200 shares of common stock in LSR, a publicly held corporation. GH’s basis in these shares was $290,000. On a day when LSR stock was trading at $1.14 per share, GH delivered the 8,200 shares to its broker with a letter stating that it was formally abandoning ownership of its LSR equity interest.
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