Question - Omar has the following stock transactions during 2015:
Stock Date purchased Number of shares sold
Number of shares Basis Selling price
Orange 1/2013 100 $1,000
Blue 6/2013 200 3,000
Yellow 4/2014 50 1,250
Blue 2/2015 150 1,800
Yellow 3/2015 175 5,250
Blue 7/2015 250 $3,500
Yellow 11/2015 200 7,200
a. What is Omar's recognized gain or loss on the stock sales if his objective is to minimize the recognized gain and to maximize the recognized loss?
b. What is Omar's recognized gain or loss if he does not identify the shares sold?