Mark for follow up Question 32 of 75. In 2016, Jordan had taxable income of $100

Question

Mark for follow up Question 32 of 75. In 2016, Jordan had taxable income of $100,000. This amount included short-term capital losses of capital losses of $10,000. He had no other capital transactions in prior years. What is 2017? $1,000 and long-term carryover to Jordan's $1,000 $8,000 O $11,000 Mark for follow up Question 33 of 75. Which of the following statements regarding the b asis of mutual fund shares is FALSE? The basis of mutual fund shares can be determined by using the: O Double-category method. O Average basis. 0 Specific share identification method. First-in first-out method. Mark for follow up Question 34 of 75. e-s2 000. In 2014, he received a return of capital distribution

Explanation / Answer

8000

The total capital loss in the given case is $11000 ( $1000( short term capital loss) + $10000 ( long term capital loss) ). An individual is allowed to deduct a net capital loss upto a maximum of $3000. Hence the deductions shall be claim of $3000 only and the balance of $8000 ( $11000 - $3000) shall be carried forward to the next year.

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