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Bob and Gloria sold securities during the current year. The sales resulted in a capital loss of $7,000. They had no other capital transactions. Their

Bob and Gloria sold securities during the current year. The sales resulted in a capital loss of $7,000. They had no other capital transactions. Their taxable income was $26,000. How much can they deduct on their joint return?

A. $7,000

B. $3,000

C. $4,000

D. $0

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