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6 February, 06:56

You bought 1,000 shares of Tund Corp. stock for $77.25 per share and sold it for $75.00 per share within the same year. How will your gain or loss be treated when you file your taxes

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  1. 6 February, 08:44
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    Capital Loss

    Deducted as loss on the tax return

    Explanation:

    Capital Loss refers to losses that occur when you make and investment into something and then sell it at a later time for a lower price than at what was originally purchased. For example:

    the 1,000 shares were originally purchased at $77.25 per share and then sold for $75.

    The capital loss incurred is [ ($77.25 - $75) x 1000) ] = $2250.

    If the tax payer's capital losses are greater than the capital gains, the difference of the two amounts will be deducted as a loss on the tax return since it is an investment property. This cannot be done for those held for personal use.
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