Mahan purchases $1,000$ shares of Bluebird Carporation stock on Dctober $3,2023,$ for $$325,000.$ On December $12,2023,$ Mahan purchases

an additional $750$ shares of Bluebird stock for $$227,500.$ According to market quotations, Bluebird stock is selling for $$325$ per share on

$12/31/23.$ Mahan sells $500$ shares of Bluebird stock on March $1,2024,$ for $$182,000.$

a$.$ What is the adjusted basis of Mahan's Bluebird stock on December $31,2023?$

$

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Cost identification problems are frequently encountered in securities transactions.

For example, the Regulations require that the taxpayer adequately identify the particular stock that has been sold $($specific identification$).$

b$.$ What is Mahan's recognized gain or loss from the sale of Bluebird stock an March $1,2024,$ assuming the shares sold are from the shares

purchased on December $12,2023?$ In your computations, round the per share amount to the nearest whole dollar and use the

rounded amount in subsequent computations.

Mahan's recognized galn

$$ is :

x$.$

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Partially correct

c$.$ What is Mahan's recognized gain or loss from the sale of Bluebird stock on March $1,2024,$ assuming Mahan cannot adequately identify

the shares sold?

Mahan has a recognized gain $$ of $