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QUESTION
In 2007, Mark has $17,000 STCL (short term capital loss), $6,000 28% gain, and $7,000 5%/15% gain. What is the net ST (short-term) or LT (long-term)
In 2007, Mark has $17,000 STCL (short term capital loss), $6,000 28% gain, and $7,000 5%/15% gain. What is the net ST (short-term) or LT (long-term) gains and losses for 2007? What is the appropriate tax treatment of the net gain or loss (ie, capital gain/loss treatment, ordinary deduction for /from AGI, or treatment as ordinary income)? Please show work.
