Assignment task:
Facts: Marcy sold shares of stock through her broker. The shares sold and retained had various different cost bases for the calculation of gain as amount realized minus basis. Marcy would like to specifically identify which shares have been sold from her allotment to thus possibly use shares with higher bases to achieve less gain. Marcy's broker did not provide a written confirmation of which shares were actually sold. Marcy had a standing oral instruction to the broker to sell the stock with the highest bases. Can Marcy use the specific identification method to determine her basis in stock shares sold or must she use first in, first out (FIFO) because her broker did not provide written confirmation of which shares were sold? Can Marcy use the specific identification method to determine her basis in stock shares sold or must she use first in, first out (FIFO) because her broker did not provide written confirmation of which shares were sold? Use IRS codes to support your answer