On December $28,$ Tim sold $100$ shares of XYZ stock with a $$54,000$ basis for $$48,000.$ On January $4,$

Tim paid $$37,000$ to purchase $80$ shares of the same XYZ stock. Determine the tax consequences associated with

this transaction. What if the $100$ shares sold on December $28$ were common stock, and the $80$ shares purchased on

January $4$ were preferred stock?

What if the $100$ shares sold on December $28$ were common stock, and the $80$ shares purchased on January $4$ were

preferred stock?