blem 5-64 (LO 5-2) Three years ago, Adrian purchased 100 shares of stock in X Corp. for $10,000. On December 30 of year 4, Adrian sells the 100 shares for $6,000. (Input all amounts as positive values.) a. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return? b-1. Assume the same facts as in part a, except that on January 20 of year 5, Adrian purchases 100 shares of X Corp. stock for $6,000. How much loss from the sale on December 30 of year 4 is deductible on Adrian’s year 4 tax return? b-2. What basis does Adrian take in the stock purchased on January 20 of year 5? Solution Answer (a) Answer (b)(1) Since Adrian buy back the sold shares within 31 days of sales, deduction allowed earlier will be disallowed. Answer (b)(2) Adrian;s basis is that if he sells Stock at loss and buy back it, he will get benefit of deduction of 3000. .