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

Question

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

Quizplus · Accepted Answer

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

An Individual Taxpayer Has the Following Gains and Losses