Multiple Choice
Elandra purchased 500 shares in Prompt Messenger Services for $12,000 on November 21,2016.The company went bankrupt on June 12,2017,with no hope of recovery for the shareholders.On what date is the stock deemed to be worthless and what is the nature of the loss?
A) December 31,2016,short-term loss in 2016.
B) December 31,2017,short-term loss in 2017.
C) December 31,2017,long-term loss in 2017.
D) June 13,2017,short-term loss in 2017.
Correct Answer:
Verified
Correct Answer:
Verified
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