On December 21 of the current year, Chelsea Brown, who is in the 32% tax bracket, was reviewing her trades for the past year. She determined that she had a $12,000 net long-term capital gain and an $18,000 short-term capital gain. She has decided to sell one additional stock before the end of the year. She is indifferent between selling her Apple stock or her New York Times stock. She purchased the Apple stock in March of this year for $77,000. The Apple stock is currently worth $64,000. The New York Times stock she purchased 5 years ago for $80,000 is currently worth $67,000.

a. Which shares would you advise her to sell if the investment risk were the same across both stocks?
b. How would your answer change if on December 21 she had a $12,000 long-term capital gain and an $18,000 short-term capital loss?
c. How would your answer change if on December 21 she had an $18,000 long-term capital gain and a $6,000 short-term capital loss?