What is Elaine net capital gain or loss

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Problem - Communications Elaine Case (single with no dependents) has the following transactions in 2019:

AGI (exclusive of capital gains and losses) $240,000

Long-term capital gain 22,000

Long-term capital loss (8,000)

Short-term capital gain 19,000

Short-term capital loss (23,000)

What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's address is 300 Ireland Avenue, Shepherdstown, WV 25443.

Reference no: EM132671201

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