Dale purchased the following blocks of Westgate Stock Date June 12, 2019 October 21, 2019 December 18, 2021 Shares 1,220 1,950 1,700 a Long-term gain bLong-term gain bShort-term loss Required: a. Dale sold 1,800 shares of the stock on November 20, 2022, for $5.00 per share for a total of $9,000. Using the first-in, first-out method, determine the gain or loss on the sale of the Westgate stock. b. Using the specific identification method, what is the gain or loss on the sale of the Westgate stock if 820 of the shares sold were identified as being from the October 21, 2019, purchase and the remaining 980 shares from the December 18, 2021, purchase? Note: Do not round intermediate computations. Price $ 4.00 $4.20 $5.20 Amounts

Dale purchased the following blocks of Westgate Stock Date June 12, 2019 October 21, 2019 December 18, 2021 Shares 1,220 1,950 1,700 a Long-term gain bLong-term gain bShort-term loss Required: a. Dale sold 1,800 shares of the stock on November 20, 2022, for $5.00 per share for a total of $9,000. Using the first-in, first-out method, determine the gain or loss on the sale of the Westgate stock. b. Using the specific identification method, what is the gain or loss on the sale of the Westgate stock if 820 of the shares sold were identified as being from the October 21, 2019, purchase and the remaining 980 shares from the December 18, 2021, purchase? Note: Do not round intermediate computations. Price $ 4.00 $4.20 $5.20 Amounts

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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