P3. Given below are Jeff's capital gains and losses for three consecutive years. What is the effect (what is his gain or loss) of the capital gains and losses on Jeff's taxable income for each year? Short-term capital gain Long-term capital gain Short-term capital loss Long-term capital loss First Year $10,000 11,000 19,000) (5,000) Second Third Year Year $-0- 4,000 10,000 8,000 12,000) 12,000) (7,000) 0 Non business debt that is not collectable at the end of year 1: $15,000 Jeff sold stock bought on 1/2/Y2 (sold on 3/20/Y2 for a loss of $5,000). ANSWER: First Year Second Year Third Year