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Question - During 2018, Carmen had salary income of $90,000 and the following capital transactions:
LTCG $4,000
LTCL $5,000
STCG $4,000
STCL $2,000
Required - How are these transactions handled for income tax purposes? Explain.
Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trialbalance.
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