Identify the particular lots that are sold

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Reference no: EM132670659

Problem - Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock:

Transaction

Date

Number of Shares

Company

Price per Share

Purchase

1-1-2017

300

MDG

$ 75

Purchase

6-1-2017

150

GRU

300

Purchase

11-1-2017

60

MDG

70

Sale

12-3-2017

200

MDG

80

Purchase

3-1-2018

120

GRU

375

Sale

8-1-2018

90

GRU

330

Sale

1-1-2019

150

MDG

90

Sale

2-1-2019

75

GRU

500

Assuming that Karen is unable to identify the particular lots that are sold with the original purchase, determine the recognized gain or loss on each type of stock.

a. As of July 1, 2017.

b. As of December 31, 2017.

c. As of December 31, 2018.

d. As of July 1, 2019.

e. Form 8949 and Schedule D (Form 1040) are used to report sales of capital assets (which include stock sales). Go to the IRS website, and download the 2018 Form 8949 and Schedule D (Form 1040). Then complete the forms for part (c) of this problem, assuming that the brokerage firm did not report Karen's basis to the IRS [complete Schedule D (Form 1040) through line 16].

Reference no: EM132670659

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