In 2021, Mr. Dale paid $47,600 for 3,400 shares of GKL Mutual Fund and elected to reinvest
Question:
In 2021, Mr. Dale paid $47,600 for 3,400 shares of GKL Mutual Fund and elected to reinvest his year-end dividends in additional shares. In 2021 and 2022, he received Form 1099s reporting the following:
a. If Mr. Dale sells his 4,052 shares for $18 per share, compute his recognized gain.
b. If he sells only 800 shares for $18 per share and uses the FIFO method to determine basis, compute his recognized gain.
c. If he sells only 800 shares for $18 per share and uses the average basis method, compute his recognized gain.
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a b c Amount realized 40...View the full answer
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