Question
John acquires 500 shares of ABC stock on 1/5/15 for $30; he acquires another 500 shares of ABC on 1/5/18 for $70; and he acquires
John acquires 500 shares of ABC stock on 1/5/15 for $30; he acquires another 500 shares of ABC on 1/5/18 for $70; and he acquires another 500 shares on 4/1/20 during the pandemic panic for $20. Concerned about the continuing the election, he sells 500 shares of ABC on 11/3/20 for $50. He sells other stocks and has $60,000 in capital gains for the year otherwise and no capital loss carryovers. What should he do with his sale of ABC on 11/3/20 to help his tax situation for 2020, and by how much will this change his gains if he does this versus doing nothing on 11/3?
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