On November 10, 2017, Vanessa purchased 80 shares of JEP stock for $2,200. On November 9,...

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Question

On November 10, 2017, Vanessa purchased 80 shares of JEP stock for $2,200. On November 9,...

On November 10, 2017, Vanessa purchased 80 shares of JEP stock for $2,200. On November 9, 2018, she sold the 80 shares for $1,600. Therefore, Vanessa has:

A short-term loss of $600.

A short-term gain of $600.

A long-term loss of $600.

A long-term gain of $600.

business accounting

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Answer 1

Answer #1

A short term loss of $600 is the correct option.

Reason:-

Short term capital gain or.loss is occurred when the shares are held for one year or less,

In the given case the shares are held exactly for one year, not more than one year, that's why they are short term.

Short term loss is occurred when the sale amount is less than purchase amount. It is the difference between purchase and sale.

In the given case sale amount is less than purchase amount by 2,200 - 1,600 = $600.

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Answer 2

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