1. You buy 100 shares of IBM at $60; buy 120 more shares at $100 - both lots held for more than one year; buy 75 more shares at $65; and finally buy 200 additional shares at $105; the last two lots were held for less than one year. -Sell 150 shares at $75. No identification is made. What is gain or loss? What is its character? -What if first two lots were bought at Merrill Lynch and last two lots were bought at Goldman Sachs and the sale occurred at Goldman Sachs