Question
Mahan purchases 1,000 shares of Bluebird Corporation stock on October 3, 2021, for $145,000. On December 12, 2021, Mahan purchases an additional 750 shares of
Mahan purchases 1,000 shares of Bluebird Corporation stock on October 3, 2021, for $145,000. On December 12, 2021, Mahan purchases an additional 750 shares of Bluebird stock for $101,500. According to market quotations, Bluebird stock is selling for $145 per share on 12/31/21. Mahan sells 500 shares of Bluebird stock on March 1, 2022, for $81,200. a. What is the adjusted basis of Mahans Bluebird stock on December 31, 2021? $fill in the blank 98cc69018027054_1 b. What is Mahan's recognized gain or loss from the sale of Bluebird stock on March 1, 2022, assuming the shares sold are from the shares purchased on December 12, 2021? In your computations, round the per share amount to the nearest whole dollar and use the rounded amount in subsequent computations. Mahan's recognized is $fill in the blank _2 . c. What is Mahan's recognized gain or loss from the sale of Bluebird stock on March 1, 2022, assuming Mahan cannot adequately identify the shares sold? Mahan has a recognized of $fill in the blank
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