Shomit purchases 100 shares of stock in Classy Corporation for $500 in Year 1. On December 20 of Year 2, he purchases an additional 100 shares in the company for $400. On December 27 of Year 2, Shomit sells the 100 shares acquired in Year 1 for $410. What is Shomit's resulting basis in the shares acquired on December 20 of Year 2?
A. 500
B. 490
C. 410
D. 400
Answers: 2
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Shomit purchases 100 shares of stock in Classy Corporation for $500 in Year 1. On December 20 of Yea...
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