2. Michonne makes the

Author:

January 18th, 2023

2. Michonnemakes the following stock purchases:

Date Stock Purchase(FMV)

1/3/X1 10sharesApple $175K

1/3/X1 10shares BerkshireHathaway $160K

2/3/X1 10shares BerkshireHathaway $175K

6/28/X1 75sharesKmart $100K

12/31/X1 15sharesApple $225K

3/8/X2 25sharesApple $275K

4/3/X2 10sharesApple $175K

6/2/X2 75sharesKmart $140K

12/3/X2 15sharesApple $275K

3/8/X3 25sharesApple $300K

a. OnJune 6, 20X3, Michonne calls her broker and tells him to sell 50share of Apple stock, which the broker sells for$750K. What is Michonne’s recognized gain or loss, ifany, on the 6/6/X3 sale of Apple stock?

b. Whatwould your answer be if on June 6, 20X3, Michonne calls her brokerand tells him to sell 50 share of Apple stock purchased on 1/3/X1,12/31/X1, 4/3/X2 and 12/3/X2, which the broker sells for $750K?What is Michonne’s recognized gain or loss, if any, on the 6/6/X3sale of Apple stock?

c. OnFebruary 1, 20X1, Michonne sales 10 shares of Berkshire Hathawayfor $150K. What would Michonne’s recognizedgain/loss, if any, be on the sale?

Answer:

Date	Stock name	no of shares	Purchase value
1/3/X1	Apple	10	175000
12/31/X1	Apple	15	225000
3/8/x2	Apple	25	275000
4/3/x2	Apple	10	175000
12/3/x2	Apple	15	275000
3/8/x3	Apple	25	300000
	Total	100	1425000

1/3/X1	Beckshire hathway	10	160000
2/3/X1	Beckshire hathway	10	175000
	Total	20	335000

6/28/X1	Kmart	75	100000
6/2/x2	Kmart	75	140000
	Total	150	240000

a. Sale of 50 shareson 6th June X3 will include first 3 purchases as it sums to 50shares

Total purchase cost		=	175000+225000+275000
		=	675,000
Sale price		=	750,000
Recognisedgain		=	75,000

b.
Date	Stock name	No of shares	Purchase value
1/3/X1	Apple	10	175000
12/31/X1	Apple	15	225000
4/3/x2	Apple	10	175000
12/3/x2	Apple	15	275000
	Total cost	50	850,000

Sale price		=	750,000
Recognisedloss		=	100,000

c. For sale on 1 feb x1 wewill consider purchase of stock on 3rd Jan x1

Total purchase cost		=	160000
Sale price		=	150000
Recognisedloss		=	10000

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