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What is amount and character that taxpayer must recognize

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Reference no: EM132591102

Question - Taxpayer sells short 100 shares of BIG Corp on February 1, 20x1 for $10/share. On December 31, 20x1, the shares are worth $15/share. On July 1, 20x2, taxpayer purchases 100 shares of BIG Corp for $12/share to cover the original short sale.

What is the amount and character that taxpayer must recognize in 20x2?

a. $200 short-term capital loss

b. $200 long-term capital loss

c. $200 short-term capital gain

d. $200 long-term capital gain

Reference no: EM132591102

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