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

  1. 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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