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Assignment Problem Eight - 1 (Identical Properties) Miss Wells has purchased the shares of two companies over the years. Each company has only one class
Assignment Problem Eight - 1 (Identical Properties) Miss Wells has purchased the shares of two companies over the years. Each company has only one class of shares. Purchases and sales of shares in the first of these companies, Memo Inc., are as follows: February 2016 purchase 60 @ $24 November 2017 purchase 90 @ 28 April 2018 purchase 45 @ 30 October 2018 sale (68) @ 36 September 2020 purchase 22 @ 26 November 2020 sale (53) @ 40 Purchases and sales of shares in the second company, Demo Lid., are as follows: April 2019 purchase 200 @ $24 December 2019 purchase 160 @ 33 July 2020 sale (260) @ 36 Required: A. Determine the cost to Miss Wells of the Memo Inc. shares that are still being held on December 31, 2020. B. Determine the taxable capital gain resulting from the July 2020 disposition of the Demo Ltd. shares
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