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2. (10 points) During the year, Brett has the following transactions: - Short-term capital loss.... .($12,000) Short-term cap

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Brett:

$ $
A Gross taxable income for 2019 130,000
B Short term capital gain 10,000
Short term capital loss carry farward from 3 years ago (7,000)
Short term capital loss (12,000-3,000=9,000, will be carry farward) (3,000) 0
C Long term capital gain 19,000
Long term capital loss (40,000-19,000=21,000, will be carry farward) (19,000) 0
D Net taxable income for 2019 (A+B+C) 130,000

The loss on any long term capital assets will be set off against any long term capital gain, and The loss on any short term capital assets will be set off against any short term capital gain and any long term capital gain also. Remaining unadjusted any capital loss (short term + long term) will be carry farward and setoff gainst future years.

Amount of allowable capital loss deduction from Gross total income for 2019. Is NIL ($ 0) (Short term + Long term)

Short term capital loss $ 9,000 carryovers for 2020. and Long term capital loss $ 21,000 carryovers for 2020.

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