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Amy, a single individual and sole shareholder of Brown Corporation, sold all of the Brown stock for $30,000. The stock basis was $150,000. Amy had owned the stock for 3 years. Brown Corporation meets the Section 1244 requirements. Amy has:

A) a $50,000 ordinary loss and $70,000 LTCL.

B) a $50,000 STCL and a $70,000 LTCL.

C) a $100,000 ordinary loss and a $20,000 LTCL.

D) a $100,000 LTCL and a $20,000 ordinary loss.

Accounting Basics, Accounting

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  • Reference No.:- M945815

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