On september 3 2008 able purchased sect 1244 stock in red, Ask an Expert

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On September 3, 2008, Able purchased § 1244 stock in Red Corporation for $6,000. On December 31, 2008, the stock was worth $8,500. On August 15, 2009, Able was notified that the stock was worthless. How should Able report this item on his 2008 and 2009 tax returns?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973611

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