Loss to be reported on joint return, Accounting Basics

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Loss to be reported on joint return

During 2010, Vera Venture sold her interests in two small business corporations. Her loss on Ballpoint Pen Corporation stock was $120,000 and her loss on Pencils Corporation stock was $20,000. Both losses qualify under Code Sec. 1244. Vera files jointly with her husband. What is the amount and character of Vera's loss to be reported on their joint return for 2010?

a. $140,000 ordinary; $0 capital

b. $100,000 ordinary; $40,000 capital

c. $40,000 ordinary; $100,000 capital

d. $0 ordinary; $140,000 capital

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Accounting Basics: Loss to be reported on joint return

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Recent Questions Asked Accounting Basics

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Accounting Basics: Loss to be reported on joint return

Reference No:- TGS084356

Recent Questions Asked Accounting Basics

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Q : How should hubert allocate the $975,000 purchase

Q : Doing the remainder of the paper which needs to talk

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