On June 18, 2020 (Year 2), Jim sold 100 shares of AT&T Corporation stock for $20 per share. Jim's records relating to the stock sold are as follows:
Date Purchased Number of Shares Adjusted Basis
January 3, 2020 (Year 2)75$30
June 1, 2019 (Year 1)2510
What are the character and the amount of Jim's gain or loss?

		$250 long-term capital gain and $750 long-term capital loss.
		$250 long-term capital gain and $750 short-term capital loss.
		$250 short-term capital gain and $750 short-term capital loss.
		$250 short-term capital gain and $750 long-term capital loss.

Answer rating: 100% (QA)

Correct option B Long Term Capital Gains or Loss is the difference in value of sale price and purcha... View the full answer