Determine the amount deductible in arriving

Reference no: EM13125677

Capital Gains and Losses. Each of the following independent cases involves capital gains and losses occurring during the calendar year for an unmarried individual taxpayer.
Note: N15CG(L)=Net 15 % capital gain or (loss)
NSTCG(L)=Net short-term capital gain or (loss)
CASE N15CG(L) NSTCG(L)
A $1,200 $(4,300)
B (5,000) 200
C (1,200) (2,300)
D (7,000) 200
E (5,000) (200)

a. Determine the amount deductible in arriving at adjusted gross income in each case for the current year.
b. Which, if any, of the above case(s) generate(s) a capital loss carryover to the following year? Give the amount and character.

Reference no: EM13125677

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