Question: On July 1 8 , 2 0 1 9 , Ned Leeds, a single individual, purchased 1 2 4 4 stock in Spider X Corporation

On July 18,2019, Ned Leeds, a single individual, purchased 1244 stock in Spider X Corporation from his friend Peter for $60,000. On December 31,2019, the stock was worth $85,000. On November 15,2024, Ned was notified that the stock was worthless. How should Ned report this item on his 2024 tax return?
a. $85,000 capital loss.
b. $50,000 ordinary loss; 35,000 capital loss
c. $50,000 ordinary loss; 10,000 capital loss.
d. $60,000 capital loss.
On July 1 8 , 2 0 1 9 , Ned Leeds, a single

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