Question
George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. Date Purchased Number of
George bought the following amounts of Stock A over the years:
Note: Loss amounts should be indicated with a minus sign.
| Date Purchased | Number of Shares | Adjusted Basis | |
|---|---|---|---|
| Stock A | 11/21/1997 | 1,090 | $ 26,160 |
| Stock A | 3/18/2003 | 545 | 9,810 |
| Stock A | 5/22/2012 | 840 | 30,240 |
On October 12, 2023, he sold 1,335 of his shares of Stock A for $38 per share.
Problem 7-47 Part-b (Algo)
b. How much gain or loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 840 shares from the 5/22/2012 purchase and 495 shares from the 11/21/1997 purchase?
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Forensic Accounting
Authors: Greg Shields
1st Edition
1727480988, 978-1727480986
