7. This year, Ken Bush sold several securities that left him with the following

Question

7. This year, Ken Bush sold several securities that left him with the following types of gains and losses: long- term capital gain $8,000; short-term capital gain $1,800, long-term capital loss $2,200; and short-term capital loss - $1,000. What is the net capital gain or loss on Ken's security sales? a. Net long-term loss of $1,400 b. Net long-term gain of $2,320 and short-term gain of $800 c. Net long-term gain of $2,640. d. Net long-term gain of $$,800 and net short-term gain of $800. e. Net long-term gain of S6,600.

Explanation / Answer

Net long term capital gain (loss) = 8000-2200 = 5800

Net short term capital gain (loss) = 1800-1000 = 800

So answer is d) Net long term gain of $5800 and net short term gain of $800

Related Questions

Navigate

• Browse (All)
• Browse 7
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.