Identify type of gain or loss that mason has on the sale

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Reference no: EM131912858

Problem

Mason is single and the original shareholder of 1,000 shares of Section 1244 stock in Miles Corpo-ration acquired four years ago. He has a basis of $65,000 in the stock. The stock has significantly declined in value so he sells it in the current year for $5,000. Identify the amount and type of gain or loss that Mason has on this sale.

Reference no: EM131912858

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