E always had eyes for a deal. When B approached her about his idea of having his chain of pizza parlors deliver video tapes along with pizzas, E saw dollar signs. B needed financing, and E gave the corporation $10,000 in exchange for stock. A summary of the corporation’s balance sheet after the exchange revealed the following: Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,000,000 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000 Capital stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000 Despite some initial growth based on the idea, the pizza business fell on hard times due to heavy competition. This year E sold her stock at a $9,000 loss, her only property transaction (i.e., sales during the year). This year, E may deduct how much? a. $0 b. $3,000 c. $9,000 d. $10,000 e. none of the above
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