Lucia owns 100 shares of Cronco Inc. which she purchased on December 1 of last year for $10,000. The stock is not Sec. 1244 stock. On July 1 of the current year, Lucia receives notice from the bankruptcy court that Cronco Inc. has been liquidated, and there are no assets remaining for shareholders. As a result, Lucia will have
A. a short-term capital loss of $10,000.
B. no loss allowed.
C. an ordinary loss of $10,000.
D. a long-term capital loss of $10,000.
Answer: D
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