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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 Purchased Number of Shares
George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.)
Date Purchased | Number of Shares | Adjusted Basis | ||
Stock A | 11/21/1994 | 1,200 | $ | 28,800 |
Stock A | 3/18/2000 | 600 | 10,800 | |
Stock A | 5/22/2009 | 950 | 34,200 | |
|
On October 12, 2020, he sold 1,500 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?
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