Dahlia is in the 32 percent tax rate bracket and has purchased the following shares...
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Accounting
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years:
Date Purchased
Shares
Basis
7/10/2011
570
$ 26,790
4/20/2012
470
24,816
1/29/2013
670
27,202
11/02/2015
420
19,404
If Dahlia sells 1,310 shares of Microsoft for $87,770 on December 20, 2021, what is her capital gain or loss in each of the following assumptions? (Do not round intermediate calculations.)
a. She uses the FIFO method.
b. She uses the specific identification method and she wants to minimize her current-year capital gain.
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