(Answered) Question - mel testa recognized gains of 40000 on stock

Accounting

Question - Mel Testa recognized gains of $40,000 on stock sales made early in Year 1. On November 1, Year 1, he sells a parcel of land he holds as an investment and realizes a loss of $40,000. On November 29, Year 1, he buys a parcel of land adjoining the parcel he sold. The two parcels are identical in size. How much of a loss may Mel claim on his November 1, Year 1, sale?

A. $0

B. $20,000

C. $40,000

D. $80,000

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