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What is the recognized gain or loss

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Problem - Harold owned the following lots of Orange Corporation stock.

Purchase date                   No. of shares          Basis

October 1, 2005                  50                         $  2,500

February 8, 2006                 50                         3,500

September 5, 2006             100                        11,000

On October 12, 2008, 100 shares of stock were sold for $14,000.  Harold did not specifically identify the shares of stock sold.  What is the recognized gain or loss?

a. $0.       

b. $3,000. 

c. $5,500. 

d. $8,000. 

e. None of the above.

Reference no: EM131766080

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