Sometimes corporations return cash to stockholders in a capital repayment which is a "deemed redemption" even though no shares of stock were sold. In a normal return of capital, the payment is applied first to cost basis and any excess is capital gain. The deemed redemption type of corporate action differs from a normal return of capital because even though no shares were sold, gain or loss is recognizable for the deemed redemption. In contrast, loss would not normally be recognized for a return of capital unless it was part of a total liquidation.
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