47. George bought the following amounts of Stock A over the years:

Date Purchased Number of Shares Adjusted Basis Stock A 11/21/1993 1,000 $24,000 Stock A 3/18/1999 500 9,000 Stock A 5/22/2008 750 27,000 On October 12, 2019, he sold 1,200 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?

b. How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 750 shares from the 5/22/2008 purchase and 450 shares from the 11/21/1993 purchase?