On April 16, 20x1, Spencer purchases a regulated futures contract for $1,500. He sells it on October 15, 20x1 for a loss of $200. On November 1, 20x1, he purchases a substantially identical regulated futures contract for $1,400. On December 31, 20x1, the open contract has a fair market value of $1,450.

What taxable income will Spencer recognize in 20x1?

Answer rating: 100% (QA)

Adjusted gross income AGI less permitted itemized or basic d... View the full answer