Keisha sold 200 shares of Chic-Chic stock in 2014 for $22,500 and received a 1099-B to record

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Keisha sold 200 shares of Chic-Chic stock in 2014 for $22,500 and received a 1099-B to record the sale of the shares. Keisha's investment portfolio includes the following purchases of Chic-Chic's stock: 2005

100 shares at $100 per share 2006

50 shares at $110 per share 2007

125 shares at $130 per share 2010

75 shares at $125 per share

Assuming Keisha does not identify which shares she sold, she will recognize.

Multiple Choice

no gain or loss.
$500 gain.
$1,000 gain.
$1,000 loss.

Related Book For answer-question

CFIN

ISBN: 978-1305666870

5th edition

Authors: Scott Besley, Eugene Brigham

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Posted Date: Jan 11, 2021 12:55 PM

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Keisha sold 200 shares of Chic-Chic stock in 2014 for $22,500 and received a 1099-B to record

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Expert Answer:

Solution 500 gain Explanation Assuming FIFO m... View the full answer

CFIN

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