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Coline has the following capital gain and loss transactions for 2019
Coline has the following capital gain and loss transactions for 2019.
| Short-term capital gain | $ 5,000 |
| Short-term capital loss | (2,100) |
| Long-term capital gain (28%) | 6,000 |
| Long-term capital gain (15%) | 2,000 |
| 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?
Expert Solution
Net Long term capital gain = Long term Capital Gain (28%) + Long term Capital Loss (28%) + Long term Capital Gain (15%)
= $6,000 + (-$10,500) + $2,000
= $2,500 loss
Net Short -term Capital Gain = Short-term Capital Gain + Short-term Capital Loss
= $5,000 + (-$2,100)
= $2,900 gain
Net Balance in Capital Gain = $2,900 - $2,500 = $400 Gain
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