Problem 4-6 Calculation of Gain or Loss and Net Capital Losses (LO 4.5)

In 2018, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, 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 losses on his tax return for 2018. $

b. Calculate the amount and nature of his capital loss carryforward.

$ $

c. For how long may Michael carry forward any long-term unused loss?