Worthless securities y purchased 30 shares of bcd, Ask an Expert

Accounting

Worthless Securities, Y purchased 30 shares of BCD corporation common stock on March 2, 2010 for $2475. On February 26,2011, Y was notified by her broker that the stock was worthless.

a. What are the amount and character of Y's loss?
b. Could this loss qualify as an ordinary deduction under § 1244. Explain.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9410983

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