On December 1, 20X7, George Jimenez needed a little extra cash for the upcoming holiday season, and sold 250 shares of Microsoft stock for $70 per share less a broker's fee of $200 for the entire sale transaction. Prior to the sale, George held the following blocks of Microsoft stock (associated broker's fee paid at the time of purchase):

Acquisition Date	Number of Shares	Market Price When Acquired	Broker's Fee
1/1/X4	300	$55 per share	$350
6/30/X6	300	$65 per share	$350

If his goal is to minimize his current capital gain, how much capital gain will George report from the sale?

Answer rating: 100% (QA)

Using The Specific identification method George will report only 757 of gain ... View the full answer