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On December 1, 20X7, George Jimenez needed a little extra cash for the upcoming holiday season, and sold 250 shares of Microsoft stock for $70

On December 1, 20X7, George Jimenez needed a little extra cash for the upcoming holiday season, and sold 250 shares of Microsoft stock for $70 per share less a broker's fee of $200 for the entire sale transaction. Prior to the sale, George held the following blocks of Microsoft stock (associated broker's fee paid at the time of purchase):

Acquisition Date

Number of Shares

Market Price When Acquired

Broker's Fee

1/1/X4

300

$55 per share

$350

6/30/X6

300

$65 per share

$350

If his goal is to minimize his current capital gain, how much capital gain will George report from the sale?

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Using The Specific identification method George will report only 757 of gain ... blur-text-image

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