Elaine Case (single with no dependents) has the following transactions and 2016: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaines net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that E lanes income from other sources puts her in the 39.6% bracket. Elaines address is 300 Ireland Avenue, Shepherdstown, WV 25443.