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Four years ago Nelson purchased stock in Black Corporation for $37,000. The stock has a current value of $5,000. Nelson needs to decide which of the following alternatives to pursue. Determine the tax effect of each.
a. Without selling the stock, Nelson deducts $32,000 for the partial worthlessness of the Black Corporation investment.
b. Nelson sells the stock to his aunt for $5,000 and deducts a $32,000 long-term capital loss.
c. Nelson sells the stock to a third party and deducts an ordinary loss.
d. Nelson sells the stock to his mother for $5,000 and deducts a $32,000 long-term capital loss.
e. Nelson sells the stock to a third party and deducts a $32,000 long-term capital loss.
Evaluate Oriole Company's current income tax expense. Evaluate Oriole Company's deferred income tax expense or benefit.
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