1. In the current year, an individual TP, has $50,000 of ordinary income, a net short-term capital loss (NSTCL) of $10,000, and a net long-term capital gain (NLTCG) of $2,800. From his capital gains and losses, he reports:

A. an offset against ordinary income of $3,000 and an NSTCL carryforward of $4,200.

B. an offset against ordinary income of $2,800 and an NSTCL carryforward of $7,200.

C. an offset against ordinary income of $10,000.

D. an offset against ordinary income of $3,000 and an NSTCL carryforward of $7,000.

E. an offset against ordinary income of $3,000 and an NSTCL carryforward of $7,200.

2. Why would a taxpayer file a tax return if not required to do so?

A. All taxpayers are required to file returns.

B. In order to claim the standard deduction.

C. To claim a refund of taxes paid.

D. To remain in favor with the IRS.