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Question - During 2018, Roberto sold 1,000 shares of Casual Investor Mutual fund for $9.50 per share. The shares were purchased on the following dates:
Date Shares Price
May 31, 2014 480 $10.30
September 18, 2015 320 $8.60
October 21, 2015 530 $10.60
January 12, 2017 360 $8.10
Calculate the gain (loss) on the sale under the following assumptions:
1. Basis is calculated using the first-in, first-out method.
2. Basis is calculated using the average cost method (assume all shares are long-term).
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