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.
a. What is the total short term gain or loss?
b. What is the total long term gain or loss?
c. What is the carryover amount?
d. Is the gain or loss after netting taxed at ordinary or capital rate?