Recognized Gain/Loss in Selling Shares
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Bob Smith purchased 30 shares of XYZ stock on April 30, 2010 for $210, and on September 1, 2010, he purchased 90 additional shares for $900. On November 8, 2010, he sold 48 shares, which could not be specifically identified, for $576, and on December 15, 2010, he sold another 25 shares for $50. What is his recognized gain or loss?
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Solution Summary
This solution discusses how to compute one's capital gain or loss from selling stock and illustrates the computation.
Solution Preview
If Bob cannot specifically identify the shares he sold, he will assume for tax purposes that he sold the earliest shares first ...
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