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During the Current Year,Nancy Had the Following Transactions What Is the Amount of Her Capital Loss Deduction for l

Question 97

Multiple Choice

During the current year,Nancy had the following transactions:  Short-term capital loss ($1,800)  Short-term capital gain 3,600 Short-term capital loss carryover from last year (2,200)  Long-term capital gain 7,000 Long-term capital loss (15,000) \begin{array} {| l | r| } \hline \text { Short-term capital loss } & ( \$ 1,800 ) \\\hline \text { Short-term capital gain } & 3,600 \\\hline \text { Short-term capital loss carryover from last year } & ( 2,200 ) \\\hline \text { Long-term capital gain } & 7,000 \\\hline \text { Long-term capital loss } & ( 15,000 ) \\\hline\end{array} What is the amount of her capital loss deduction for the current year,and what is the amount and character of her capital loss carryover?


A)  Deduction  Carryover $4,000$400 short-term and $5,000 long-  term \begin{array} { | l | l | } \hline \text { Deduction } & \text { Carryover } \\\hline \$ 4,000 & \$ 400 \text { short-term and } \$ 5,000 \text { long- } \\&\text { term }\\\hline\end{array}
B)  Deduction  Carryover $3,000$5,400 LTCL carryover \begin{array} { | l | l | } \hline \text { Deduction } & \text { Carryover } \\\hline \$ 3,000 & \$ 5,400 \text { LTCL carryover } \\\hline\end{array}
C)  Deduction  Carryover $3,000$5,000 long-term \begin{array} {| l | l |} \hline \text { Deduction } & \text { Carryover } \\\hline \$ 3,000 & \$ 5,000 \text { long-term }\\\hline\end{array}
D)  Deduction  Carryover $12,100$0\begin{array} { | l | l | } \hline \text { Deduction } & \text { Carryover } \\\hline \$ 12,100 & \$ 0 \\\hline\end{array}

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