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What is the amount of long-term gain or loss

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Question - In the previous tax year, Albert had a long-term loss carryover of $4,500, he had a current year long-term gain of $1,480, and he claimed the maximum long-term loss allowed ($3,000) on Schedule D in the previous tax year. Albert had a $591 short-term loss in the current year. What is the amount of long-term gain or loss Albert will be able to claim on Schedule D this year after using the carryover loss from the previous year?

a. ($611) loss

b. $571 gain

c. ($20) loss

d. $20 gain

Reference no: EM132523559

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