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 7/10/2013 640 4/20/2014 540 1/29/2015 740 11/02/2017 490 Basis $ 34,560 32, 292 35, 224 26,068 If Dahlia sells 1,520 shares of Microsoft for $112,480 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. Capital gain b. She uses the specific identification method and she wants to minimize her current-year capital gain.
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 7/10/2013 640 4/20/2014 540 1/29/2015 740 11/02/2017 490 Basis $ 34,560 32, 292 35, 224 26,068 If Dahlia sells 1,520 shares of Microsoft for $112,480 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. Capital gain b. She uses the specific identification method and she wants to minimize her current-year capital gain.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
7/10/2013
640
4/20/2014
1/29/2015
11/02/2017
540
740
490
Basis
$ 34,560
32, 292
35, 224
26,968
If Dahlia sells 1,520 shares of Microsoft for $112,480 on December 20, 2023, what is her capital gain or
loss in each of the following assumptions?
Note: Do not round intermediate calculations.
Capital gain
b. She uses the specific identification method and she wants to minimize her current-year capital gain.
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