Doris and Lydia are sisters and also are equal partners in the capital and profits of Agee & Nolan. The following information pertains to 300 shares of Mast Corp. stock sold by Lydia to Agee & Nolan.
|
Year of purchase |
2000 |
|
Year of sale |
2007 |
|
Basis (cost) |
$9,000 |
|
Sales price (equal to fair market value) |
$4,000 |
The amount of long-term capital loss that Lydia recognized in 2007 on the sale of this stock was
- $5,000
- $3,000
- $2,500
- $0