A Lesson in Record-Keeping

[progree]

5. Another thought: lastlib's parents probably have no choice but to use average cost

unless PRIOR TO THE SALE, and IN WRITING, they elected a different method.

Also, if in prior years they had sold some of it, then they have to use the method that was used in prior years (one can't elect a different method).

Above from recollecting from my memory of things I've read.... There have been times where I'd like to use, for partial sales, to declare which shares I'm selling (the ones with the highest cost basis meaning the lowest cap gains). Or to use a method like LIFO (Last in first out) or more expensive shares first -- I forget what my options were when I looked into it, and what kind of hoops I'd have to jump through. Decided it wasn't worth the hassle, so far.