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Coline has the following capital gain and loss transactions for 2020.
a. Short-term capital gain $6,700
b. Short-term capital loss (2,814)
c. Long-term capital gain (28%) 8,040
d. Long-term capital gain (15%) 2,680
e. Long-term capital loss (28%) (14,070)
After the capital gain and loss netting process, what is the amount and character of Coline's gain or loss?

Respuesta :

abiolataiwo2015

Answer:

Net short-term capital gain; $536

Explanation:

Calculation to determine the amount and character of Coline's gain or loss

Net short-term capital gain= ([$6,700-$2,814] - [($8,040-$14,070)-$2,680])

Net short-term capital gain= $3,886-$3,350

Net short-term capital gain= $536

Therefore After the capital gain and loss netting process, the amount and character of Coline's gain will be NET SHORT-TERM CAPITAL GAIN of $536

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