In 2013,Paul,a single taxpayer,has taxable income of $30,000 exclusive of capital gains and losses.Paul incurred a $1,000 short-term capital loss and a $5,000 long-term capital loss.What is the amount of his long-term capital loss carryover to 2014?

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First, we need to determine the total amount of capital losses that can be used to offset taxable income. Since Paul had a $1,000 short-term capital loss, he can use this to offset up to $1,000 of his taxable income. Next, he can use his remaining long-term capital loss of $5,000 to offset additional taxable income. However, the maximum amount of capital losses that can be used to offset taxable income in a year is $3,000. Therefore, Paul can offset up to $3,000 of his taxable income with his long-term capital loss, leaving a carryover of $2,000 ($5,000 - $3,000) to the next year. Therefore, the answer is C) $3,000.

In 2013,Paul,a Single Taxpayer,has Taxable Income of $30,000 Exclusive of Capital