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Ashley bought the following amounts of Stock A over the years Date Purchased Number of Shares Adjusted Basis Stock A 11/21/1994 1,220 $ 29,280 Stock

Ashley bought the following amounts of Stock A over the years

Date Purchased Number of Shares Adjusted Basis
Stock A 11/21/1994 1,220 $ 29,280
Stock A 3/18/2000 610 10,980
Stock A 5/22/2009 970 34,920

On October 12, 2020, he sold 1,530 of his shares of Stock A for $38 per share.

a. How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold? Please show work

b. How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 970 shares from the 5/22/2009 purchase and 560 shares from the 11/21/1994 purchase? Please show work

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