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Problem 7-53 (LO 7-2) (Algo)

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[The following information applies to the questions displayed below.]

Christina, who is single, purchased 560 shares of Apple Incorporated stock several years ago for $21,840. During her year-end tax planning, she decided to sell 280 shares of Apple for $9,520 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 280 shares (cost of $10,080) of Apple back before prices skyrocket. (Leave no answers blank. Enter zero if applicable.)

Problem 7-53 Part-a (Algo)

a. What is Christina's deductible loss on the sale of 280 shares? What is her basis in the 280 new shares?

b. Assume the same facts, except that Christina repurchased only 140 shares for $5,040. What is Christinas deductible loss on the sale of 280 shares? What is her basis in the 140 new shares?

! Required information Problem 7-53 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) Christina, who is single, purchased 560 shares of Apple Incorporated stock several years ago for $21,840. During her year-end tax planning, she decided to sell 280 shares of Apple for $9,520 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 280 shares (cost of $10,080) of Apple back before prices skyrocket. (Leave no answers blank. Enter zero if applicable.) Problem 7-53 Part-b (Algo) b. Assume the same facts, except that Christina repurchased only 140 shares for $5,040. What is Christina's deductible loss on the sale of 280 shares? What is her basis in the 140 new shares? Deductible loss Basis ! Required information Problem 7-53 (LO 7-2) (Algo) (The following information applies to the questions displayed below.] Christina, who is single, purchased 560 shares of Apple Incorporated stock several years ago for $21,840. During her year-end tax planning, she decided to sell 280 shares of Apple for $9,520 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 280 shares (cost of $10,080) of Apple back before prices skyrocket. (Leave no answers blank. Enter zero if applicable.) Problem 7-53 Part-a (Algo) a. What is Christina's deductible loss on the sale of 280 shares? What is her basis in the 280 new shares? Deductible loss Basis