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George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.) Stock A Stock A Stock
George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.) Stock A Stock A Stock A Date Purchased 11/21/1995 3/18/2001 5/22/2010 Number of Shares 1,130 565 880 Adjusted Basis $ 27,120 10,170 31,680 On October 12, 2021, he sold 1,395 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? Gain or loss to be recognized 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 880 shares from the 5/22/2010 purchase and 515 shares from the 11/21/1995 purchase? Gain or loss to be recognized
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