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