Ms. fresh bought 1,000 shares of ibis corporation stock for $6,700 on january 15, 2016. on december 31, 2018 she sold all 1,000 shares of her ibis stock for $5,350. based on a hot tip from her friend, she bought 1,000 shares of ibis stock on january 23, 2019 for $3,425. what is ms. fresh's recognized loss on her 2018 sale and what is her basis in her 1,000 shares purchased in 2019?

her basis in her 1,000 shares purchased in 2019 = $4,775

Explanation:

Data provided in the question:

Number of shares bought = 1,000

Value of  Ibis Corporation stock = $6,700

Selling value of  Ibis Corporation stock on December 31, 2018 = $5,350

Buying price of shares on January 23, 2019 = $3,425

Now,

Since shares are bought back within 30 days from the previously purchase shares sold ,

therefore,

the loss will not be considered

But this will increase the Adjusted basis for new shares purchase

Thus,

Realized loss = Sales value - Purchase value  

= $5,350 - $6,700

= - $1350

Here,

the negative sign depicts the loss

LTCL = $0

Adjusted basis for new 1000 shares

= Buying price of shares on January 23, 2019 + Realized loss

= $3,425 + $1,350

= $4,775

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