Question: Efrain owns 1,000 shares of RJ Inc. common stock which he purchased three years ago for $36,000. Efrain sells the 1,000 shares on October 15, 2019, for $10,000. On November 12, he purchases 400 shares of RJ Inc. preferred stock for $8,000. Compute the Efrain's recognized loss on the sale of the 1,000 shares.
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