Otis,the taxpayer,has the following capital gains and losses for the year: Short-term capital loss $ 1 , 500 Short-term capital gain $ 1 , 000 Long-term capital loss $ 2 , 000 Long-term capital gain $ 3 , 860 \begin{array}{lr} ext {Short-term capital loss } & \$1,500\ ext {Short-term capital gain } & \$1,000\ ext {Long-term capital loss } & \$2,000\ ext { Long-term capital gain} & \$3,860\\end{array} Short-term capital loss Short-term capital gain Long-term capital loss Long-term capital gain $1 , 500 $1 , 000 $2 , 000 $3 , 860 a.What is his net short-term gain (loss)?b.What is his net long-term gain (loss)?c.What amount of the gain (loss)is entered on his 1040, (line 13)Capital gain or (loss)from Schedule D?

Question

Otis,the taxpayer,has the following capital gains and losses for the year: Short-term capital loss  $ 1 , 500 Short-term capital gain  $ 1 , 000 Long-term capital loss  $ 2 , 000  Long-term capital gain $ 3 , 860 \begin{array}{lr}	ext {Short-term capital loss  } & \$1,500\	ext {Short-term capital gain  } & \$1,000\	ext {Long-term capital loss  } & \$2,000\	ext { Long-term capital gain} & \$3,860\\end{array} Short-term capital loss  Short-term capital gain  Long-term capital loss   Long-term capital gain ​ $1 , 500 $1 , 000 $2 , 000 $3 , 860 ​ a.What is his net short-term gain (loss)?b.What is his net long-term gain (loss)?c.What amount of the gain (loss)is entered on his 1040, (line 13)Capital gain or (loss)from Schedule D?

Heather Aiello · Accepted Answer

Final Answer : a.(500)b.$1,860c.1,360

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