I'm a little confused on how to solve this. i know i'm supposed to use...
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Accounting
I'm a little confused on how to solve this. i know i'm supposed to use Fifo and that when the shares are over 1 year and a day its considered longterm. but i am still confused. Please include steps to the problem. Thank you.
I need to know the gain or loss for the shares. So it can be reported on schedule D of a 1040. The Cohens had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B and basis information for each stock sale was reported to the IRS): Relevant tax basis/holding period information related to sales of securities in the current year: Purchased 2,000 shares of Microsoft on 5/1/20 for $21,000 Purchased 200 shares of Apple, Inc. on 3/8/18 for $90,000 Purchased 300 shares of Cooper Tire on 1/12/17 for $9,000 Purchased 50 shares of Cooper Tire on 6/28/20 for $2,000 Received 1,000 shares of Cardinal Health from Diana's father as a gift on 10/10/04. Her father's basis in the stock at the time of the gift was $7,000. Fair market value of the stock at the date of the gift was $41,000 Purchased 100 shares of Union Pacific on 9/5/19 for $6,000

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