Question

Please help me,

Elliott has the following capital gain and loss transactions for 2018.

a. Short-term capital gain $12,600

b. Short-term capital loss (30,240)

c. Long-term capital gain (28%) 100,800

d. Long-term capital gain (25%) 40,320

e. Long-term capital gain (15%) 50,400

f. Long-term capital loss (28%) (40,320)

g. Long-term capital loss (15%) (75,600)

After the netting process, Elliott has an overall net long-term capital gain of ______?

Thank you in advance

Answer 1

So, the net loss/gain for Elliott after the netting process is :

A. Gain of $12,600, so an amount of $12,600 is added.

B. A short term capital loss of $30,240 ,so an amount of $30,240 is subtracted.

C. A long term capital gain of $40,320 , so this amount is added

D. Next, There is a long term capital gain of $50,400 , so this amount is also added.

E. Long term capital loss, so this amount is subtracted, less $40,320.

F. Next, there is a capital loss of $40,320 so this amount is also subtracted .

G. Next, there is a capital loss of $75,600 so this amount is again subtracted.

SO, the net loss/ gain is : 57,960 is the net overall gain.