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For Year 1, client, who is single, has a $7,000 short-term capital gain, a $15,000 short-term capital loss, and a $4,000 long term capital gain.
For Year 1, client, who is single, has a $7,000 short-term capital gain, a $15,000 short-term capital loss, and a $4,000 long term capital gain. He has $50,000 of income from wages, interest, and dividends. Under the carryover rules, in Year 2 client is treated as having which of the following?
a. $1,000 short-term capital loss
b. $1,000 long-term capital loss
c. $4,000 short-term capital loss
d. $5,000 short-term capital loss