Dan sold 135 shares (assume 100 are long-term) of Elite Mutual Fund on July 26, 2018 for $95 per share and received a 1099-B (box 3 was not checked for basis) to record the sale of the shares. Dan's investment portfolio includes the following purchases of Elite Mutual Fund: May 20, 2015 50 shares at $100 per shareMarch 29, 2016 50 shares at $95 per shareAugust 21, 2017 50 shares at $85 per shareFebruary 22, 2018 100 shares at $75 per shareIn 2018, Dan will recognize:
A. no long-term gain or loss and a $333.45 short-term gain.
B. $250 long-term loss and $583.45 short-term gain.
C. no short-term gain or loss and a $1,215 long-term gain.
D. $315 short-term gain and a $900 long-term gain.
Answer: D
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