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QUESTION
An individual has a $10,000 1245 gain, a $15,000 1231 gain, a $13,000 1231 loss, a $4,000 1231 lookback loss, and a $15,000 long-term capital gain....
An individual has a $10,000 § 1245 gain, a $15,000 § 1231 gain, a $13,000 § 1231 loss, a $4,000 § 1231 lookback loss, and a $15,000 long-term capital gain. The net long-term capital gain is: (A) $30,000. (B) $40,000. (C) $17,000. (D) $15,000. (E) None of the above. Please state and justify your response.
