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| On October 1, 2012, Derek Corporation sold 4,000 shares of its $10 par value treasury stock for $60,000. These shares were acquired by Derek on January 2, 2012, for $50,000. For 2012, Derek should report A. Neither income nor capital gain. B. A short-term capital gain of $10,000. C. A long-term capital gain of $10,000. D. A long-term capital gain of $20,000. |