Effect on taxpayer taxable income

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Reference no: EM13143134

Taxpayer B has the following gains and losses from property transactions.

Long-term capital gain $5,000
Long-term capital loss 8,000
Section 1231 gain 11,000
Section 1231 loss 9,000
Short-term capital gain 2,000
Short-term capital loss 4,000

What is the effect on the taxpayer's taxable income if Taxpayer B is

a. a C corporation?

b. an individual?

Reference no: EM13143134

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