Question: Same facts as previous question except Harry does not use the default method. What is Harrys realized gain or loss on the sale of the
- Same facts as previous question except Harry does not use the default method. What is Harrys realized gain or loss on the sale of the 1 share of ABC Corp. if Harry uses the specific identification method to maximize his tax losses in 2020? Enter gain as a positive number or loss as a negative number
Hint: the equation to calculate gain/loss on the sale is Amount Realized less Adjusted Basis; therefore, in order to maximizes losses, Harry will want to sell the share with the highest basis
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