Homework Answers
Answer - Net long-term capital gain;
$23,920
Step 1. Long term 28% loss deducted from 28% gain
and 15% from 15% and thereafter balance loss adjusted from LT gain
28%
([41,600-16,640]-[20800-31,200]) =
$14,560*
Step 2. Short term loss adjusted from short term
gain and balance loss would be adjusted step 1 balance amount.
14,560 - (5200-12480)= $7,280* (Balance)
Step 3. Total balance Long term gain (Step 2 balance + 25% LT gain)
( $7,280* + $16,640*)
$23,920
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