Question
George bought the following amounts of Stock A over the years: Date Purchased Number of Shares Adjusted Basis Stock A 11/21/1986 980 $ 22,540 Stock
George bought the following amounts of Stock A over the years:
| Date Purchased | Number of Shares | Adjusted Basis | ||
| Stock A | 11/21/1986 | 980 | $ | 22,540 |
| Stock A | 3/18/1992 | 700 | 11,900 | |
| Stock A | 5/22/2001 | 690 | 14,490 | |
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On October 12, 2014, he sold 1,205 of his shares of Stock A for $42 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 690 shares from the 5/22/2001 purchase and 515 shares from the 11/21/1986 purchase?
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Clinical Audit For Doctors
Authors: Dr. Bob Ghosh, Sir Liam Donalson, Dr. Chen Sheng Low, Margaret Keane, Dr. Bhoresh Dhamija
1st Edition
1906839018, 978-1906839017
