In 2015, Mr. Dale paid $47,600 for 3,400 shares of GKL Mutual Fund and elected to reinvest
Question:
In 2015, Mr. Dale paid $47,600 for 3,400 shares of GKL Mutual Fund and elected to reinvest his year-end dividends in additional shares. In 2015 and 2016, he received Form 1099s reporting the following:
a. If Mr. Dale sells his 4,052 shares for $18 per share, compute his recognized gain.
b. If he sells only 800 shares for $18 per share and uses the FIFO method to determine basis, compute his recognized gain.
c. If he sells only 800 shares for $18 per share and uses the average basis method, compute his recognized gain?
Transcribed Image Text:
Total Shares Owned Shares Price per Share $15.769 17.274 Dividends Reinvested Purchased $4,920 5,873 3,712 4,052 2015 312 340 2016
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a Amount realized 4052 shares 18 72936 Adjusted basis cost reinves...View the full answer
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Related Book For
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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