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Problem 7-51 (LO 7-2)

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Three years ago, Adrian purchased 310 shares of stock in X Corp. for $35,340. On December 30 of year 4, Adrian sells the 310 shares for $30,380. (Leave no answers blank. Enter zero if applicable.)

Problem 7-51 Part-b

b. Assume the same facts as in part (a), except that on January 20 of year 5, Adrian purchases 310 shares of X Corp. stock for $30,380. How much loss from the sale on December 30 of year 4 is deductible on Adrians year 4 tax return? What basis does Adrian take in the stock purchased on January 20 of year 5?

Deductible Loss = ?

Basis = ?