Henry had no trades this year but Downoutsco, Inc. of which Henry owned 200 shares (total cost: $4,000) declared bankruptcy in January of 2017.
The loss on the stock: (a) gives a $4,000 deduction for the year, (b) gives a $3,000 deduction for the year, (c) is treated as bad debt
(a) gives a $4,000... View the full answer
- Isn't it the $3,000 because you can only offset gains by 3k a year??
- May 07, 2018 at 10:46am