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How are these transactions handled for income tax purposes

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Question - During the year, Irv had the following transactions:

Long-term loss on the sale of business use equipment 7,000

Long-term loss on the sale of personal use camper 6,000

Long-term gain on the sale of personal use boat 3,000

Short-term loss on the sale of stock investment 4,000

Long-term loss on the sale of land investment 5,000

How are these transactions handled for income tax purposes?

Please add explanation for the answer.

Reference no: EM132060444

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