Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5)

In 2021, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000.

If an amount is zero, enter "0".

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a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2021. $fill in the blank 38770dffb065fda_1

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b. Calculate the amount and nature of his capital loss carryforward. $fill in the blank 1dffcc08c07e07d_1 Long-term capital loss carryforward $fill in the blank 1dffcc08c07e07d_2 Short-term capital loss carryforward

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c. For how long may Michael carry forward any long-term unused loss?

3 years5 years15 yearsIndefinitely