fb-wash-0010
{
"facts": "On March 10, 2026, a taxable account sells 150 shares of VWX for $52 per share; the basis is $38 per share, so the sale produces a gain. On March 20, 2026 it buys 150 shares of VWX. The taxpayer is not a dealer.",
"sale_date": "2026-03-10",
"repurchase_date": "2026-03-20",
"sale_proceeds_per_share": 52,
"basis_per_share": 38
}How does section 1091 treat the result of the March 10 sale? Answer with exactly one option id.
gain-disallowed— The gain is disallowed because of the repurchasegain-deferred— The gain is deferred into the replacement shares' basisno-loss-nothing-to-disallow— Section 1091 does not apply — it disallows losses, and this sale produced a gain
no-loss-nothing-to-disallow
Section 1091(a) operates only in the case of a loss claimed to have been sustained from a sale or other disposition. This sale produced a $14-per-share gain, so the provision's predicate is absent: the gain is recognized normally and the repurchase has no section 1091 consequence.
Selects no-loss-nothing-to-disallow; the rule's predicate is a loss.
“In the case of any loss claimed to have been sustained from any sale or other disposition of shares of stock or securities”
Each quoted passage is exact-matched, after typographic normalization, against the corpus text fetched from the issuing authority (hashes in the corpus manifest). An item whose quote stops matching fails the build.
“In the case of any loss claimed to have been sustained from any sale or other disposition of shares of stock or securities” — usc-1091
The scenario describes a sale where the proceeds ($52) exceed the basis ($38), resulting in a $14-per-share gain. Section 1091(a) explicitly applies only 'In the case of any loss claimed to have been sustained'. Therefore, the wash sale rules do not apply to this transaction, and the key correctly identifies that there is no loss to disallow.
“In the case of any loss claimed to have been sustained from any sale or other disposition of shares of stock or securities” — usc-1091
Section 1091(a) applies only when a loss is claimed to have been sustained. The stipulated sale produced a gain ($52 proceeds vs. $38 basis), so no loss exists for section 1091 to disallow or defer. The repurchase within 30 days does not convert the recognized gain into a disallowed or deferred item under this provision.
v1; no errata. Demonstrate a key error and the correction is published here, credited — challenge policy.