The wash sale provisions apply to which of the following?
I.Jim bought 500 additional shares of Alfa Gamma stock for $4,000 on December 2. Jim owned a total of 2,500 shares of Alfa Gamma stock after that purchase. On December 26, 2020, Jim realizes a loss of $1,500 on the sale of 250 shares of Alfa Gamma stock.II.Calvin realizes an $8,000 loss on December 29, 2020, on the sale of Sloan corporate bonds. Each bond has a face value of $1,000. He replaces the Sloan corporate bonds with the same number of Jackson corporate bonds, each with a face value of $1,000 on January 16, 2021. The Jackson corporate bonds have a different interest rate and maturity date than the Sloan bonds but have the same bond rating (AAA).?
A. Only statement I is correct.
B. Only statement II is correct.
C. Both statements are correct.
D. None of the statements are correct.
Answer: A
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