McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 23

{Research}Arden purchased 300 shares of AMC common stock several years ago for $1,500.On April 30, Arden sold the shares of AMC common for $500 and then purchased 250 shares of AMC preferred stock two days later for $700.The AMC preferred stock is not convertible into AMC common stock.What is Arden's deductible loss from the sale of the 300 shares of AMC common stock?