In 2016, Steven Spielberg (single) has $5,000 of net short-term capital loss and $17,000 of net long-term capital loss. In 2017, he has $2,000 of net short-term capital gain, $8,000 of net 28% long-term capital gain, and $4,000 of net 0%/15%/20% long-term capital gain. Determine the type (short-term or long-term) and amount of capital loss to be carried forward to 2017 and 2018, respectively.
In 2016, Steven Spielberg (single) has $5,000 of net short-term capital loss and $17,000 of net long-term capital loss. In 2017, he has $2,000 of net short-term capital gain, $8,000 of net 28% long-term capital gain, and $4,000 of net 0%/15%/20% long-term capital gain. Determine the type (short-term or long-term) and amount of capital loss to be carried forward to 2017 and 2018, respectively.
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 30CE
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Transcribed Image Text:In 2016, Steven Spielberg (single) has $5,000 of net
short-term capital loss and $17,000 of net long-term
capital loss. In 2017, he has $2,000 of net short-term
capital gain, $8,000 of net 28% long-term capital gain,
and $4,000 of net 0%/15%/20% long-term capital gain.
Determine the type (short-term or long-term) and
amount of capital loss to be carried forward to 2017 and
2018, respectively.
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