On September 3, 20×1, Able purchased stock in Red Corporation (the stock is not small business stock) for $6,000.
On September 3, 20×1, Able purchased stock in Red Corporation (the stock is not small business stock) for $6,000.
On December 31, 20×1, the stock was worth $8,500. On August 15, 20×2, Able was notified that the stock was worthless. How should Able report this item on his 20×1 and 20×2 tax returns?
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