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In the current year, Erin had the following capital gains (losses) from the sale of her investments: $4,000 LTCG, $25,000 STCG, ($9,000) LTCL, and ($15,000) STCL. What is the amount and nature of Erin's net capital gajn/loss? A. $3,000 net long term capital loss B. $5,000 net long term capital loss C. $10,000 net short term capital gain D. $5,000 net short term capital gain

In the current year, Erin had the following capital gains (losses) from the sale of her investments: $4,000 LTCG, $25,000 STCG, ($9,000) LTCL, and ($15,000) STCL. What is the amount and nature of Erin's net capital gajn/loss? A. $3,000 net long term capital loss B. $5,000 net long term capital loss C. $10,000 net short term capital gain D. $5,000 net short term capital gain

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In the current year, Erin had the following capital gains (losses) from the sale of her investments: $4,000 LTCG, $25,000 STCG, ($9,000) LTCL, and ($15,000) STCL. What is the amount and nature of Erin's net capital gajn/loss? A. $3,000 net long term capital loss B. $5,000 net long term capital loss C. $10,000 net short term capital gain D. $5,000 net short term capital gain
Transcribed Image Text:In the current year, Erin had the following capital gains (losses) from the sale of her investments: $4,000 LTCG, $25,000 STCG, ($9,000) LTCL, and ($15,000) STCL. What is the amount and nature of Erin's net capital gajn/loss? A. $3,000 net long term capital loss B. $5,000 net long term capital loss C. $10,000 net short term capital gain D. $5,000 net short term capital gain
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