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Sergio owns 200 shares of Palm Corporation common stock, purchased during the prior year: 100 shares on July 5, for $9,000; and 100 shares on October 15, for $12,000. When Sergio sells 50 shares for $8,000 on July 18 of the current year, he does not identify the particular shares sold. Determine the amount and character of the gain.
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Sergio owns 200 shares of Palm Corporation common stock, purchased during the prior year: 100 shares...
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