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What is his recognized gain

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Question - Over the past years, Elvis has purchased 350 shares of Singer, Inc., stock. His first purchase was in 2012 when he acquired 40 shares for $30 a share. In 2015, Elvis bought 160 shares at $15 a share. In 2018, Elvis acquired 150 shares at $50 a share. Elvis sells 100 shares at $70 per share in the current year. If Elvis cannot identify the exact shares sold, what is his recognized gain?

a. $4,900

b. $2,100

c. $7,000

d. $2,000

e. $5,000

Reference no: EM133045580

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