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When there are a net short-term loss and a net long-term loss, which of the following is true? The entire short-term loss is used to
When there are a net short-term loss and a net long-term loss, which of the following is true? The entire short-term loss is used to reduce other income before the long-term loss can be used to offset other income. A long-term loss is used to reduce other income before the short-term loss. Regardless of the amount of a short-term or long-term loss, the maximum amount of loss that can be taken in any one year is $3,000. Any remaining loss amounts can be carried forward for three years for individual taxpayers. Regardless of the amount of a short-term or long-term loss, the maximum amount of loss that can be taken in any one year is $3,000. Any remaining loss amounts can be carried forward indefinitely for individual taxpayers
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