Jack Murphy sells stock at a gain of $80,000. He reinvests the entire $100,000 proceeds in an SSBIC in a timely fashion and takes maximum advantage…

Jack Murphy sells stock at a gain of $80,000. He reinvests the entire $100,000 proceeds in an SSBIC in a timely fashion and takes maximum advantage of the election to roll over the gain. How much is his basis in the SSBIC stock?
 A.$20,000
 B.$50,000 
C.$80,000 
D.$100,000

 

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