Fayes adjusted basis for the stock

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Iva owns Mauve, Inc stock (adjusted basis of 40,000) which she sells to Joshua, for its fair market value of 32,000. Fifteen months later, he sells it to Faye for its fair market value of 39,000. Determine Iva's recognized loss, Joshua's recognized gain or loss, and Faye's adjusted basis for the stock.

Reference no: EM13258388

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