In 2022, Michael has net short-term capital losses of $17,000, and other ordinary taxable income of $45,000

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

b. Calculate the natire of his capital loss carry forward. (long term & short-term, capital loss carryforward)

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

Problem 47 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, n 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 fosses for 2022. b. Caleulate the amount and nature of hin capital lonit carryforward. Long-term eapital loas earryforward Short-term capital losa carryforward Finn hniwlona may Michsel carm forward the undsed loss