FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares 7/10/2013 640 4/20/2014 1/29/2015 11/02/2017 540 740 490 Basis $ 34,560 32, 292 35, 224 26,968 If Dahlia sells 1,520 shares of Microsoft for $112,480 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. Capital gain b. She uses the specific identification method and she wants to minimize her current-year capital gain.
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Transcribed Image Text:Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares 7/10/2013 640 4/20/2014 1/29/2015 11/02/2017 540 740 490 Basis $ 34,560 32, 292 35, 224 26,968 If Dahlia sells 1,520 shares of Microsoft for $112,480 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. Capital gain b. She uses the specific identification method and she wants to minimize her current-year capital gain.
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