Just Do problem 72

72. Refer to the proble 71 (last problem). In the following year, Jawan has the following capital gains and losses:

Short term capital loss $1300

Long term capital gain $8600

Long term capital loss $4100

What is the effect of the capital gains and losses on his taxable income?

71. Jawan has the followng capital gains and losss in the current year.

Short term capital gain $500

Short term capital loss $3000

long term capital gain $6000

long term capital loss $12000

collectible gains $2000

What is the effect of the capital gain and losses on Jawan's taxable income?