Phillip purchased shares of Cisco stock as follows: 54 shares for $1,542.49 in 2009, 67 shares for $1,798.59 in 2010, and 98 shares for $2,415.37 in 2012. He sold 133 shares of Cisco in 2015 and did not identify which shares he sold. What basis should he use for computing gain or loss? a. $3,355 b. $3,497 c. $3,548 d. $3,637
Phillip purchased shares of Cisco stock as follows: 54 shares for $1,542.49 in 2009, 67 shares for $1,798.59 in 2010, and 98 shares for $2,415.37 in 2012. He sold 133 shares of Cisco in 2015 and did not identify which shares he sold. What basis should he use for computing gain or loss? a. $3,355 b. $3,497 c. $3,548 d. $3,637
Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges
Section: Chapter Questions
Problem 14DQ
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Question
What basis should he use for computing gain or loss on these general accounting question?
Transcribed Image Text:Phillip purchased shares of Cisco stock as follows: 54 shares for
$1,542.49 in 2009, 67 shares for $1,798.59 in 2010, and 98 shares
for $2,415.37 in 2012. He sold 133 shares of Cisco in 2015 and did
not identify which shares he sold. What basis should he use for
computing gain or loss?
a. $3,355
b. $3,497
c. $3,548
d. $3,637
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