Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in

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Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2018 and no other capital gains or losses. Her taxable income without this transaction is $47,000. What is her taxable income considering this capital loss?

a. $40,000

b. $44,000

c. $47,000

d. $55,000

e. Some other amount

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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Posted: Mar 02, 2019 04:28 AM

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Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in

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Income Tax Fundamentals 2019

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