Ms. Crocker bought 1,000 shares of EMO Corporation stock for $10,000 on January 20, 2017. On December 28, 2019 she sold all 1,000 shares of her EMO stock for $9,000. Based on a hot tip from her friend, she bought 1,000 shares of EMO stock on January 15, 2020 for $7,000. What is Ms. Crocker’s recognized loss on her 2019 sale and what is her basis in her 1,000 shares purchased in 2020?

Explanation:

Given:

Number of shares = 1000 shares

Cost price = $10000

Selling price = $9000

In 2020,

Number of shares = 1000 shares

Cost price = $7000

Loss in dollars = cost price- selling price

= $10000 - $9000

= $1000

B.

Cost basis = (recent purchase of shares)/number of shares

= ($7000)/1000

= $7 per shares

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