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During the current year, Nancy had the following transactions: Short-term capital loss ($2,400) Short-term capital gain 2,000 Short-term capital loss carryover from 2 years ago
During the current year, Nancy had the following transactions: Short-term capital loss ($2,400) Short-term capital gain 2,000 Short-term capital loss carryover from 2 years ago (1,400) Long-term capital gain (15% basket) 3,800 Long-term capital loss (28% basket) (8,000) Nancy is in the 35% marginal tax bracket for the current year. What is the amount of her capital loss deduction in the current year, and what is the amount and character of her capital loss carryover?
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