Question
The following facts apply to Eliot, an individual, in the current year: April 1: Sold shares of stock, purchased on April 1 of the previous
The following facts apply to Eliot, an individual, in the current year: April 1: Sold shares of stock, purchased on April 1 of the previous year, for a $2,000 gain May 15: Sold equipment used in Eliot's business, which had been purchased in July of the previous year, for a $2,000 gain. July 12: Sold shares of stock, purchased in February of the previous year, for a $7,000 gain. November 3: Sold equipment used in Eliot's business, which had been purchased in January of the current year, for a $1,000 loss. December 9: Sold shares of stock, purchased on February 22 of the current year, for a $3,000 loss. Considering only the above facts, what is Eliot's net capital gain for the current year?
$7,000 long-term capital gain
$9,000 long-term capital gain
$5,000 long-term capital gain
$6,000 long-term capital gain
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