An individual taxpayer has the gains and losses shown below.There are $3,000 of § 1231 lookback losses.What is the net long-term capital gain? $$\begin{array} { l l c }
\text { Holding Period/Property } & \text { Character of Gain or } & \text { Amount } \
& \text { Loss } & \
5 \text { years/vacant land } & \$ 1231 \text { gain } & \$ 7,000 \
2 \text { years/business equipment } & \S 1245 \text { gain } & 3,200 \
3 \text { years/publicly traded stock } & \text { Long-term capital gain } & 890 \
8 \text { months/publicly traded stock } & \text { Short-term capital loss } & (1,870)
\end{array}$$

Question

An individual taxpayer has the gains and losses shown below.There are $3,000 of § 1231 lookback losses.What is the net long-term capital gain? $$\begin{array} { l l c } 
\text { Holding Period/Property } & \text { Character of Gain or } & \text { Amount } \
& \text { Loss } & \
5 \text { years/vacant land } & \$ 1231 \text { gain } & \$ 7,000 \
2 \text { years/business equipment } & \S 1245 \text { gain } & 3,200 \
3 \text { years/publicly traded stock } & \text { Long-term capital gain } & 890 \
8 \text { months/publicly traded stock } & \text { Short-term capital loss } & (1,870)
\end{array}$$

Quizplus · Accepted Answer

The Answer of An individual taxpayer has the gains and losses shown below.There are $3,000 of § 1231 lookback losses.What is the net long-term capital gain? $$\begin{array} { l l c } 
\text { Holding Period/Property } & \text { Character of Gain or } & \text { Amount } \
& \text { Loss } & \
5 \text { years/vacant land } & \$ 1231 \text { gain } & \$ 7,000 \
2 \text { years/business equipment } & \S 1245 \text { gain } & 3,200 \
3 \text { years/publicly traded stock } & \text { Long-term capital gain } & 890 \
8 \text { months/publicly traded stock } & \text { Short-term capital loss } & (1,870)
\end{array}$$

An Individual Taxpayer Has the Gains and Losses Shown Below