2.         Michonne makes the

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?



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
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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