Question
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: Date Purchased Shares
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years:
| Date Purchased | Shares | Basis | |
| 7/10/2010 | 450 | $ | 15,750 |
| 4/20/2011 | 350 | 14,280 | |
| 1/29/2012 | 550 | 15,730 | |
| 11/02/2014 | 300 | 10,260 | |
|
| |||
If Dahlia sells 950 shares of Microsoft for $52,250 on December 20, 2020, what is her capital gain or loss in each of the following assumptions?
A. fifo method
b. She uses the specific identification method and she wants to minimize her current-year capital gain.
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel
4th Canadian Edition
0470155353, 978-0470155356
