Be sure to identify each item's character. At the end of each problem, you will have ordinary income or loss, . capital gain or loss which is also short-term or long- term, or . $1250 unrecaptured gains which are their own category. Assume that problem lists all relevant transactions (in other words, there is nothing else you need to net against). Use 2022 rules. When I ask "What is the tax effect?" I am asking for a dollar amount and character - there may be more than one piece with different characters. Don't calculate the tax liability unless asked to do so (you won't have enough information in most of the problems). Please use different color font for your answers or set them off from your calculations in some way.