What is the total short-term gain or loss

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Question: Haneen has taxable income of $115,000 without consideration of capital gain or loss transactions. She has a short-term capital gain of $15,000, a long-term capital loss of $7,000, and a short-term capital gain of $4,000. Assume none of the gains or losses are from collectibles or unrecaptured §1250 property, and Haneen is in the 25% tax bracket.

1. What is the total short-term gain or loss?

2. What is the total long-term gain or loss?

3. What is the carryover amount?

Is the gain or loss after netting taxed at the Ordinary or Capital rate?

1-Ordinary rate

2-Capital rate

Reference no: EM131748877

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