Question: Problem: 7 - 5 1 ( Algo ) Three years ago, Adrian purchased 3 9 0 shares of stock in X Corporation for $ 5

Problem: 7-51(Algo)
Three years ago, Adrian purchased 390 shares of stock in X Corporation for $50,310. On December 30 of year 4, Adrian sells the 390 shares for $41,730.
a. What is the total loss Adrian incurred from the sale on December 30 of year 4?
b. Assuming Adrian has no other capital gains or losses, except that on January 20 of year 5, Adrian purchases 390 shares of X Corporation stock for $41,730. How much loss from the sale on December 30 of year 4 is deductible on Adrian's year 4 tax return? What basis does Adrian take in the stock purchased on January 20 of year 5?
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