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

In 2019, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000.

If an amount is zero, enter "0".

a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2019. $

b. Calculate the amount and nature of his capital loss carryforward. $ Long-term capital loss carryforward: $ Short-term capital loss carryforward: