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Select the best answer. The Tax Cuts and Jobs Act: Requires the use of the FIFO method for determining the tax basis of stock shares
Select the best answer. The Tax Cuts and Jobs Act: Requires the use of the FIFO method for determining the tax basis of stock shares that are sold in taxable accounts. Still allows the specific ID method for determining the tax basis of stock shares that are sold in taxable accounts. Requires the use of the last-in-first-out (LIFO) method for determining the tax basis of stock shares that are sold in taxable accounts. Requires the use of the dual category average basis method for determining the tax basis of stock shares that are sold in taxable accounts
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