47. George bought the following amounts of Stock A over the years: Stock A Stock A Stock A Date Purchased 11/21/1995 3/18/2001 5/22/2010 Number of Shares 1,000 500 750 Adjusted Basis $24,000 9,000 27,000 On October 12, 2021, 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 5/22/2010 purchase and 450 shares from the 11/21/1995 purchase?

47. George bought the following amounts of Stock A over the years: Stock A Stock A Stock A Date Purchased 11/21/1995 3/18/2001 5/22/2010 Number of Shares 1,000 500 750 Adjusted Basis $24,000 9,000 27,000 On October 12, 2021, 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 5/22/2010 purchase and 450 shares from the 11/21/1995 purchase?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Vala
am. 253.
Required information [The following information applies to the questions displayed below.] George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. Stock A Stock A Stock A Date Purchased 11/21/1997 3/18/2003 5/22/2012 Number of Shares 1,090 545 840 $ 26,160 9,810 30,240 On October 12, 2023, he sold 1,335 of his shares of Stock A for $38 per share. Adjusted Basis Gain or loss to be recognized b. How much gain or loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 840 shares from the 5/22/2012 purchase and 495 shares from the 11/21/1997 purchase?
Assume, for purposes of this question only, that Susan acquired 2,000 shares of Hawk Corporation stock for $80,000 on March 31, 2014. On March 1, 2023, she sells 125 shares for $3,750. On March 22, 2023, she purchases 135 shares of Hawk Corporation stock for $4,725. a. What is Susan’s realized gain or loss from the sale on March 1, 2023? b. What is Susan’s recognized gain or loss from the sale on March 1, 2023? c. What is Susan’s basis in the 135 shares purchased on March 22, 2023? d. When does Susan’s holding period begin for the 135 shares
! Required information [The following information applies to the questions displayed below.] Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2023: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1999 4/10/2023 8/23/2021 5/19/2013 8/20/2023 Basis $ 7,900 15, 300 12,375 5,750 7,755 Net capital gain or loss Date Sold 7/22/2023 9/13/2023 10/12/2023 10/12/2023 11/14/2023 Amount Realized $5,020 19, 090 17,510 13, 375 3,825 c. What is Grayson's overall net gain or loss from these transactions?
A-7
! Required information [The following information applies to the questions displayed below.] Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares Basis 7/10/2013 4/20/2014 500 1/29/2015 11/02/2017 600 $ 30,000 27,900 700 450 30,520 22,140 If Dahlia sells 1,400 shares of Microsoft for $98,000 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. b. She uses the specific identification method and she wants to minimize her current-year capital gain. Capital gain _
PLease answer only first one with explanation thanx
M¹ Julie received stock as a gift from her mother in June 2022 (no gift tax was paid). Her mother hadpaid $5,000 for the stock 3 years ago, and had held the stock as an investment. At the time of thegift, the stock had a FMV of $10,000. In September 2022, Julie (who also held the stock as aninvestment) sold the stock for $9000. What is the amount and character of the gain/loss recognizedby Julie as a result of the sale? $4,000 long-term capital gain$1,000 short-term capital loss$1.000 long-term capital loss$4,000 short-term capital gain
want all requirements answer in details
savita
An individual buys stock at $40 per share. Many years later, the individual dies when the market value is $60. The estate distributes the shares to a beneficiary when the stock is worth $70. What is the cost basis to the beneficiary? A $40 B $60 C $65 D $70