George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. Date Purchased Number of Shares Adjusted Basis Stock A 11/21/1996 1,140 $ 27,360 Stock A 3/18/2002 570 10,260 Stock A 5/22/2011 890 32,040 On October 12, 2022, he sold 1,410 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 890 shares from the 5/22/2011 purchase and 520 shares from the 11/21/1996 purchase?

George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. Date Purchased Number of Shares Adjusted Basis Stock A 11/21/1996 1,140 $ 27,360 Stock A 3/18/2002 570 10,260 Stock A 5/22/2011 890 32,040 On October 12, 2022, he sold 1,410 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 890 shares from the 5/22/2011 purchase and 520 shares from the 11/21/1996 purchase?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges

Section: Chapter Questions

Problem 14DQ

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	Date Purchased	Number of Shares	Adjusted Basis
Stock A	11/21/1996	1,140	$ 27,360
Stock A	3/18/2002	570	10,260
Stock A	5/22/2011	890	32,040

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