Reference no: EM133266767
1. Blue Inc. purchases 100 shares of IBM stock on July 5, 2015, for $150,000. On October 1, 2015, Blue Inc. purchases an additional 50 shares of IBM stock for $60,000. According to market quotations, IBM stock is selling for $1,000 per share on December 31, 2015. Blue Inc. sells 60 shares of IBM stock on February 1, 2016, for $51,000.
a. What is the total adjusted basis of Blue Inc.'s IBM stock on December 31, 2015?
b. What is Blue Inc.'s realized gain or loss from the sale of IBM stock on February 1, 2016, assuming the shares sold are from the shares purchased on July 5, 2015?
C. What is Blue Inc.'s realized gain or loss from the sale of IBM stock on February 1, 2016, assuming Blue Inc. cannot adequately identify the shares sold.
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