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Author: HeathenDog One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120789  
Subject: Long Term FIFO or LIFO Date: 9/9/2000 3:20 PM
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Did a Search through previous posts and can't seem to find this specific question snawered:

Just curious if anyone knows how the IRS classifies long term stock in this situation:

Bought 100 Shares of ABC on 1/1/00 for total of 100

Bought 200 Shares of ABC on 1/15/00 for total of 300

Bought 300 Shares of ABC on 8/1/00 for total of 600

Sold 300 Shares of ABC on 9/1/00 for total of 300

When 1/16/01 rolls around, am I Long-term on my remaining 300 shares (LIFO) or Short-Term (FIFO) or does the IRS let me classify them however I wish?

Can you site a link or IRS Pub that clarifies this issue. Thanks so much.


ps LIFO is Last in First Out
FIFO is First in First Out
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