Coline has the following capital gain and loss transactions for 2017. Please sho
ID: 2545817 • Letter: C
Question
Coline has the following capital gain and loss transactions for 2017. Please show work.
a.
Short-term capital gain
$8,100
b.
Short-term capital loss
(3,402)
c.
Long-term capital gain (28%)
9,720
d.
Long-term capital gain (15%)
3,240
e.
Long-term capital loss (28%)
(17,010)
After the netting process, Coline has an overall of $_______.
a.
Short-term capital gain
$8,100
b.
Short-term capital loss
(3,402)
c.
Long-term capital gain (28%)
9,720
d.
Long-term capital gain (15%)
3,240
e.
Long-term capital loss (28%)
(17,010)
Explanation / Answer
Note :
Net short term capital gains = Short-term capital gain - Short-term capital loss = $8,100 - $3,402 =$4,698
Net long term capital loss = Long-term capital loss - Long-term capital gain
= $17,010 - $9,720 - $3,240 = ($4,050)
Coline has an overall Net short term capital gains = $4,698 - $4,050 = $648