In April of this year, Edward sells 80 shares for $250. Edward cannot specifically identify the stock sold. The basis for the 80 shares sold is
Edward purchased stock last year as follows:
A) $160.
B) $184.
C) $216.
D) $240.
C) $216.
If the exact shares cannot be identified, the FIFO method must be used. The 80 shares sold are assumed to have come from the March purchase. $270/100 = $2.70 × 80 = $216.
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