Tax consequences of the transactions

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Monroe Corporation's chief financial officer sold 2,000 shares of TNC stock that the corporation was holding as a temporary investment on July 3 at a $4,000 loss. On July 30, the controller of Monroe purchased 1,000 shares of TNC for the corporation at $8 per share as the stock had received a favorable recommendation from the corporation's financial advisor. What are the tax consequences of these transactions?

Reference no: EM13130115

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