Question - Tony is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years:
date purchased/shares/basis
07-10-2008/620/$32,240
04-20-2009/520/$30,056
01-29-2010/720/$32,832
11-02-2012/470/$24,064
If Tony sells 1,460 shares of Microsoft for $105,120 on December 20, 2018, what is his capital gain or loss in each of the following assumptions?
A: He uses FIFO method.
b. He uses the specific identification method and he wants to minimize his current year capital gain.