Date Purchased Number of Shares Adjusted Basis

Stock A 11/21/1993 1,100 $ 26,400

Stock A 3/18/1999 550 9,900

Stock A 5/22/2008 850 30,600

On October 12, 2019, he sold 1,350 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?

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 850 shares from the 5/22/2008 purchase and 500 shares from the 11/21/1993 purchase?