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What is loretta taxable income

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Reference no: EM132966048

Loretta has the following capital gains and losses during the current year:

Short-term capital loss $ 4,000

Collectibles gain 10,000

Long-term capital gain 8,000

Long-term capital loss carryover 3,000

Problem 1: Loretta is single and has a taxable income of $200,000 before considering the effect of her capital gains and losses. What is Loretta's taxable income?

Group of answer choices

Option 1: $218,000

Option 2: $212,000

Option 3: $215,000

Option 4: $211,000

Reference no: EM132966048

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