Multiple Choice
A worthless security had a holding period of 11 months when it became worthless on November 10,2010.The investor who had owned the security had a basis of $10,000 for it.Which of the following statements is correct?
A) The investor has a long-term capital loss of $10,000.
B) The investor has a short-term capital loss of $10,000.
C) The investor has a nondeductible loss of $10,000.
D) The investor has a long-term capital gain of $10,000.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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