During the year Nancy had the following transactions: Short-term Capital loss (1

Question

During the year Nancy had the following transactions: Short-term Capital loss (1,800) Short-term Capital gain 3,600 Short-term Capital loss carryover from last year (2,200) Long-term Capital gain 7,000 Long-term Capital loss (15,000) What is the amount of her capital loss deduction for the year, and what is the amount and character of her capital loss carryover? a) Deduction: $12,100 & Carryover: $0 b) Deduction: $3,000 & Carryover: $5,400 LTCL carryover c) Deduction: $4,000 & Carryover: $400 short-term and $5,000 long-term d) Deduction: $3,000 & Carryover: $5,000 long-term

Explanation / Answer

c) Deduction: $4,000 & Carryover: $400 short-term and $5,000 long-term

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