In 2022, 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"

a. Calculate the amount of Michael's deduction for capital losses for 2022.

b. Calculate the amount and nature of his capital loss carryforward.

Long-term capital loss carryforward

Short-term capital loss carryforward

c. For how long may Michael carry forward the unused loss?

Problem 4-7 Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2022, 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 "o". a. Calculate the amount of Michael's deduction for capital fosses for 2022. b. Calculate the amount and nature of his capital loss carryforward. Long-term capital losi carryfonard Short-term capital loss carryforward c. For how long may Michael carry fonward the unused loms