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Thoren has the following items for the year: $4,000 of short-term capital gain, $5,000 of long-term capital gain, and $1,500 of capital loss. Which of
Thoren has the following items for the year: $4,000 of short-term capital gain, $5,000 of long-term capital gain, and $1,500 of capital loss. Which of the following is correct? A. The $1,500 loss will first be offset by the $5,000 long-term gain. B. The taxpayer will have a net short-term capital loss. C. The $4,000 short-term gain will first be offset by the $5,000 long-term gain. D. The $1,500 loss will first be offset by the $4,000 short-term gain.
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