Business, 17.03.2020 02:57 tousif2663

Benny purchased $400,000 of Peach Corporation face value bonds for $320,000 on November 13, 2012. The bonds had been issued with $80,000 of original issue discount (OID), because Peach was in financial difficulty in 2012. On December 3, 2013, Benny sold the bonds for $283,000 after amortizing $1,000 of the original issue discount.

What are the nature and amount of Benny's gain or loss?

Benny has $ of Selectlong-term capital lossordinary lossshort-term capital lossItem 2 from the sale of the bonds.

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Benny purchased $400,000 of Peach Corporation face value bonds for $320,000 on November 13, 2012. Th...

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