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Discuss indicate both the amount of any recognized gain

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On July 1, 2016, Brandon purchased an option to buy 1,000 shares of General, Inc., stock at $30 per share. He purchased the option for $2,000. It was to remain in effect for five months. The market experienced a decline during the latter part of the year, so Brandon decided to let the option lapse as of December 1, 2016. On his 2016 tax return, what should Brandon report? Indicate both the amount of any recognized gain (loss) and the type of the gain or loss (ordinary, Section 1231, short-term capital, or long-term capital)

Reference no: EM131788996

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