On June 21, 2018 (Year 1), Kim purchased 100 shares of AT&Ts Company common stock for $4,500. Kim sold the 100 shares of AT&Ts stock on May 18, 2020 (Year 3), for $4,250. On June 3, 2020 (Year 3), Kim repurchased 100 shares of AT&Ts stock for $3,000 and subsequently sold them on July 31, 2020 (Year 3), for $3,500. How should Kim report the above transactions for 2020 (Year 3)?

		$750 short-term capital gain.
		$500 short-term capital gain.
		$250 long-term capital gain.
		$250 short-term capital gain

Answer rating: 100% (QA)

A sale of any asset held for more than a year to the day and sold at a loss will generate a long ter... View the full answer