LO4 Rollie has the following capital gains and losses during the current year:

Rollie is married and has a taxable income of $145,000 before considering the effect of his capital gains and losses. What is the effect of Rollie’s capital gains and losses on his taxable income and his income tax liability?

Transcribed Image Text:

Short-term capital gain Collectibles gain Long-term capital gain Long-term capital loss $ 3,000 4,000 11,000 6,000