LO.1, 3, 4 Elaine Case (single with no dependents) has the following transactions in 2018: AGI (exclusive of capital gains and losses) Long-term capital gain Long-term capital loss Short-term capital gain $240,000 22,000 (8,000) 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's address is 300 Ireland Avenue, Shepherdstown, WV 25443.