During 2015, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares
Question:
During 2015, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares were purchased on the following dates:
Date........................Shares.................Price
May 31, 2011...................400..............$9.375
September 18, 2012......225...............$8.500
October 21, 2012...........425 ............$10.000
January 12, 2014............276...............$7.125
Calculate the gain (loss) on the sale under the following assumptions (carry your calculations to three places):
a. Basis is calculated using the first-in, first-out method.
b. Basis is calculated using the average cost method (assume all shares are long-term).
Step by Step Answer:
Fundamentals Of Taxation 2016
ISBN: 9781259812774
9th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone