In the current year, Niles, an individual, has 70,000 of ordinary income, a Net Short Term Capital Loss (NSTCL) of 20,000 and a Net Long Term Capital Gain (NLTCG) of 4,200. From his capital gains and losses, Niles reports:

Question 14 options:

	an offset against ordinary income of $3,000 and a NSTCL carry-forward of $12,800
	an offset against ordinary income of $3,000 and a NSTCL carry-forward of $4,200
	an offset against ordinary income of $3,000 and a NSTCL carry-forward of $15,800
	an offset against ordinary income of $20,000
	an offset against ordinary income of $20,000 and NLTCG of 4,200