When securities are sold and the securities were purchased on different dates and at different prices
I.the basis of the shares may be determined on a first-in, first-out basis.
II.the basis of the shares may be determined on a last-in, first-out basis.

Question

When securities are sold and the securities were purchased on different dates and at different prices
I.the basis of the shares may be determined on a first-in, first-out basis.
II.the basis of the shares may be determined on a last-in, first-out basis.
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Quizplus · Accepted Answer

Both statements are correct. The basis of the shares may be determined on a first-in, first-out basis or a last-in, first-out basis.

When Securities Are Sold and the Securities Were Purchased on Different