Wayne bought 100 shares of stock of a new-age manufacturing corporation from an unrelated individual paying $1 per share on December 20, 2016, on April 17, 2018, the corporation is declared bankrupt and the shares are deemed worthless what is the amount and character of Wayne'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

Answer rating: 100% (QA)

The correct answer is b 100 longterm capital loss When ... View the full answer