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If a Stock Was Purchased for $3000 in January 2003

Question 72

Multiple Choice

If a stock was purchased for $3000 in January 2003 and is sold in June 2003 for $4000,what is the taxable result?


A) Capital gain of $1000 and taxable income of $500
B) Business income of $1000 and taxable amount of $1000
C) Capital gain of $1000 and taxable income of $1000
D) Taxable capital gain of $1000

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