Homework Answers
Answer:
Correct answer is:
$0
Explanation:
As Jan sold his holding of 100 shares on August 29, 2018 and repurchased the same shares within 30 days on September 26,2018, it is a wash sale.
As such wash-sale rule applies and Jan will not be able to recognize any capital loss in 2018 from these transactions.
The capital loss of [(12 - 9) * 100=] $300 incurred would be disallowed because of wash-sale rule. The capital loss $300 can be added to the new cost ($11 * 100 =) of $1,100 and adjusted basis of share purchased on Sep 26, 2018 will be (1100 + 300 =) $1,400.
Jan's capital loss in 2018 from these transaction = $0
Option 1 is correct and options 2 and 3 are incorrect.
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