Federal Taxation 1

In the current year, Erin had the following capital gains (losses) from the sale of her investments: $3,000 LTCG, $24,000 STCG, ($10,000) LTCL, and ($16,000) STCL. What is the amount and nature of Erin's capital gains and losses?

rev: 10_05_2020_QC_CS-232574

Multiple Choice

• $1,000 net short-term capital gain.

• $1,000 net long-term capital loss.

• $3,000 net short-term capital gain.

• $3,000 net long-term capital loss.

• None of the choices are correct.