Question

Coline has the following capital gain and loss transactions for 2021. a. Short-term capital gain $5,000 b. Short-term capital loss (2,100) c. Long-term capital gain (28%) 6,000 d. Long-term capital gain (15%) 2,000 e. Long-term capital loss (28%) (10,500) After the capital gain and loss netting process, what is the amount and character of Coline's gain or loss

Answer 1

The amount and character of Coline's capital gain or loss is a net Short-term Capital Gain of $400.

Data and Calculations:

a. Short-term capital gain $5,000

b. Short-term capital loss (2,100)

Net short-term capital gain = $2,900 ($5,000 - $2,900)

c. Long-term capital gain (28%) 6,000

d. Long-term capital gain (15%) 2,000

e. Long-term capital loss (28%) (10,500)

Net long-term capital loss = $2,500 ($10,500 - $8,000)

Net capital gain = $400 ($2,900 - $2,500)

Thus, the amount and character of Coline's capital gain or loss is a net Short-term Capital Gain of $400.

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