Question - T purchased the following lots of stock in Z Corporation:
50 shares 1/12/2008 Cost $1,200
100 shares 2/28/2013 Cost $3,000
75 shares 10/16/2014
Cost $2,500
T sold 75 shares on January 16, 2017 for $2,800. His only instruction to his broker, who actually held the shares for T, was to sell 75 shares.
a. How much gain or loss does T recognize on this sale?
b. How could this result be altered?