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George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.) Date Number of Adjusted Purchased
George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.) Date Number of Adjusted Purchased Shares Basis Stock A 11/21/1995 1, 190 $ 28,560 Stock A 3/18/2001 595 10, 710 Stock A 5/22/2010 940 33,840 On October 12, 2021, he sold 1,485 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 940 shares from the 5/22/2010 purchase and 545 shares from the 11/2/1995 purchase? Gain or loss to be recognized
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