Problem 4-7 Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2022, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, 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 for 2022. Feedback Check My Work b. Calculate the amount and nature of his capital loss carryforward. X Long-term capital loss carryforward short-term capital loss carryforward