Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: Date Basis Purchased 7/18/2010 4/20/2011 Shares 400 $ 12,000 10,750 12,230 7,300 300 1/29/2012 500 11/02/2014 250 If Dahlia sells 800 shares of Microsoft for $40,000 on December 20, 2020, what is her capital gain or loss in each of the following assumptions? (Do not round intermediate calculations.) b. She uses the specific identification method and she wants to minimize her current-year capital gain.

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter12: S Corporations
Section: Chapter Questions
Problem 30P
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[The following information applies to the questions displayed below.]
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
$ 12,000
10,750
12,230
7/10/2010
400
4/20/2011
1/29/2012
11/02/2014
300
500
250
7,300
If Dahlia sells 800 shares of Microsoft for $40,000 on December 20, 2020, what is her capital gain or loss in each of the
following assumptions? (Do not round intermediate calculations.)
b. She uses the specific identification method and she wants to minimize her current-year capital gain.
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] 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 $ 12,000 10,750 12,230 7/10/2010 400 4/20/2011 1/29/2012 11/02/2014 300 500 250 7,300 If Dahlia sells 800 shares of Microsoft for $40,000 on December 20, 2020, what is her capital gain or loss in each of the following assumptions? (Do not round intermediate calculations.) b. She uses the specific identification method and she wants to minimize her current-year capital gain.
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