George bought the following amounts of Stock A over the years:

On October 12, 2014, he sold 1,200 of his shares of Stock A for $38 per share.
a. How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold?
b. How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 750 shares from the 5/22/2003 purchase and 450 shares from the 11/21/1988 purchase?

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Stock A Stock A Stock A5 Date Purchased|Number of Shares|Adjusted Basis 1,(M) 500 750 11/21/1988 3/18/1994 5/22/2003 S24,000 9,000