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Dan Sold 135 Shares Assume 100 Are Long-Term)of Elite Mutual

Question 61

Multiple Choice

Dan sold 135 shares assume 100 are long-term) of Elite Mutual Fund on July 26,2016 for $95 per share and received a 1099-B box 3 was not checked for basis) to record the sale of the shares.Dan's investment portfolio includes the following purchases of Elite Mutual Fund: May 20,2013 50 shares at $100 per share
March 29,2014 50 shares at $95 per share
August 21,2015 50 shares at $85 per share
February 22,2016 100 shares at $75 per share
In 2016,Dan will recognize:


A) no short-term gain or loss and a $1,215 long-term gain.
B) $250 long-term loss and $583.45 short-term gain.
C) no long-term gain or loss and a $333.45 short-term gain.
D) $315 short-term gain and a $900 long-term gain.

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