George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with
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George bought the following amounts of Stock A over the years:(Loss amounts should be indicated with a minus sign.)
| Date Purchased | Number of Shares | Adjusted Basis | ||
| Stock A | 11/21/1994 | 1,030 | $ | 24,720 |
| Stock A | 3/18/2000 | 515 | 9,270 | |
| Stock A | 5/22/2009 | 780 | 28,080 | |
On October 12, 2020, he sold 1,245 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 780 shares from the 5/22/2009 purchase and 465 shares from the 11/21/1994 purchase?
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