Bob (a non-corporate taxpayer) purchased stock in ABF Corporation 6 years ago for $15,500. This year he sold it for $12,650 and then paid a $250 sales commission to his broker. He had no other capital gains or losses during the year.

 

What is Bob's realized gain or loss?

What is Bob's recognized gain or loss?

How much of the above gain/loss will Bob recognized as income/a deduction on his tax return?

Answer rating: 100% (QA)

SOLUTION 1 Bobs realized gain or loss Amount realized from sale 12650 Cost ba... View the full answer