Mrs. Bing sold all of her shares of stock in First Line Corporation (all of its stock is publicly traded) for $75,000 on the NYSE on August 30, 2020 (Year 3). Mrs. Bing had purchased the stock on October 21, 2018 (Year 1), for $50,000. On October 9, 2020 (Year 3), Mrs. Bing purchased, for $70,000, common stock in a specialized small business investment company (SSBIC). What is the least amount of gain Mrs. Bing may recognize on the First Line Corporation stock for her 2020 (Year 3) calendar tax year?

$75,000

$25,000

$20,000

$5,000

Answer rating: 100% (QA)

Answer 25000 Am... View the full answer