In the current year, Tim has a short-term capital loss of $9,000 and a long-term capital...
In the current year, Tim has a short-term capital loss of $9,000 and a long-term capital gain of $1,500. Due to these transactions Tim reports Question options:
a. A capital loss deduction of $3,000 and a loss carryforward of $4,500.
b. A capital loss deduction of $3,000 and a loss carryforward of $6,000.
c. A capital loss deduction of $9,000.
d. A capital loss deduction of $3,000 and a loss carryforward of $7,500
Homework Answers
ANS a. A capital loss deduction of $3,000 and a loss carryforward of $4,500.
Since LTCG is $ 1500 and STCG is ($9000), maximum capital loss deduction available is $ 3000 and losses can be carryforward maximum upto $ 4500.
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