An investor buys 500 shares of stock on January 2, 2018, for $35,000. On November 1, 2018, the investor buys an additional 500 shares for $25,000. On November 28, the investor sells 500 shares for $22,000. The investor identifies the shares purchased on January 2 as the ones sold. 

 Required

What is the amount of the gain/loss on the transaction? 

Is the loss currently deductible?

Answer rating: 100% (QA)

To calculate the gainloss on the transaction we need to determine the cost basis of the shares sold ... View the full answer