Apply Equity Tax Rules
Series 7 · Flashcards · Application
SERIES 7 · FLASHCARDS
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QUESTION
What is the average cost per share if
100
@
$
20
100@\$20
100@$20
and
100
@
$
30
100@\$30
100@$30
are owned and averaged?
QUESTION
What is the basis of replacement shares if
100
100
100
shares are bought at $50 and a $200 wash loss is disallowed?
QUESTION
Using FIFO, what is the basis for selling
150
150
150
shares if lots are
100
@
$
10
100@\$10
100@$10
then
100
@
$
12
100@\$12
100@$12
?
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ANSWER
$1,600. FIFO exhausts the earliest lot first, then prorates the next for the remaining shares sold.
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