his year Jalen purchased 460 shares of a company's common stock for $32.00 per share. At year-end, the shares were only worth $3.20 per share.
"hat amount can he deduct as a loss this year?
Multiple Choice
$14,720
$13,248
$1,472
Jalen can deduct $14,720 only if he includes $1,472 in his taxable income.
None of the choices are correct - Jalen is not entitled to a loss deduction.