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On December 1, 20x7, George Jimenez needed a little extra cash for the upcoming holiday season and sold 300 shares of Microsoft stock for $50 per share. Prior to the sale, George held the following blocks of Microsoft stock Acquisition Date Number of Shares Market Price When Acquired 1/1/20x4 2/15/20x5 6/30/20x6 200 150 150 $ 41 per share $35 per share $ 45 per share Assume George tries to minimize his current capital gain using specific identification. How much total capital gain will George report from the sale of the 300 shares?

On December 1, 20x7, George Jimenez needed a little extra cash for the upcoming holiday season and sold 300 shares of Microsoft stock for $50 per share. Prior to the sale, George held the following blocks of Microsoft stock Acquisition Date Number of Shares Market Price When Acquired 1/1/20x4 2/15/20x5 6/30/20x6 200 150 150 $ 41 per share $35 per share $ 45 per share Assume George tries to minimize his current capital gain using specific identification. How much total capital gain will George report from the sale of the 300 shares?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 1, 20x7, George Jimenez needed a little extra cash for the upcoming holiday season and sold 300 shares of Microsoft stock for $50 per share. Prior to the sale, George held the following blocks of Microsoft stock Acquisition Date Number of Shares Market Price When Acquired 1/1/20x4 2/15/20x5 6/30/20x6 200 150 150 $ 41 per share $35 per share $45 per share Assume George tries to minimize his current capital gain using specific identification. How much total capital gain will George report from the sale of the 300 shares?
Transcribed Image Text:On December 1, 20x7, George Jimenez needed a little extra cash for the upcoming holiday season and sold 300 shares of Microsoft stock for $50 per share. Prior to the sale, George held the following blocks of Microsoft stock Acquisition Date Number of Shares Market Price When Acquired 1/1/20x4 2/15/20x5 6/30/20x6 200 150 150 $ 41 per share $35 per share $45 per share Assume George tries to minimize his current capital gain using specific identification. How much total capital gain will George report from the sale of the 300 shares?
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