Question
Mario a single taxpayer had a salary of $21,000 of other ordinary income. He had a long term capital loss of 1400 and a short
Mario a single taxpayer had a salary of $21,000 of other ordinary income. He had a long term capital loss of 1400 and a short term capital loss of 1500. Capital losses from the previous years were as follow: Long term capital loss carryover(28% basket) =($2400) Short term capital loss carryover=($3200)
After deducting all possible carryovers in the current year, what are Sylvia's carryovers to the following year?
A. $1600 short term capital loss and $900 long term capital loss (28% basket).
B.0$ short term capital loss and $2500 long term capital loss (15%) basket
C. $2400 short term capital loss and $100 long term capital loss (15% basket)
D.$100 short term capital loss and $2400 long term capital loss(28% basket)
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