An investors portfolio currently is worth $1 million. During the year, the investor sells 510 shares of FedEx at a price of $150 per share and 3,300 shares of Cisco at a price of $23 per share. The proceeds are used to buy some shares of IBM with the money.

a. What is the portfolio turnover rate?

b. If the shares in FedEx originally were purchased for $142 each and those in Cisco were purchased for $21, and the investors tax rate on capital gains income is 15%, how much extra will the investor owe on this years taxes as a result of these transactions?