PTAX Section 1231 Assets R11-088X
You need to rewrite this one fully
What is the overall tax effect if a taxpayer has the following:
$15,000 long term capital loss
$12,000 long term capital gain
$9,000 short term capital loss
$2,000 short term capital gain
You need to put the workings here
Net short term loss is $7,000 ($2,000 – $9,000)
Net long term loss is $3,000 ($12,000 – $15,000)
If both net figures have the same sign, no further netting is done