In the current year, Norris, an individual, has $50,000 of ordinary income, a net short-term capital loss (NSTCL)of $10,000, and a net long-term capital gain (NLTCG)of $2,800. From his capital gains and losses, Norris reports:
A)an offset against ordinary income of $10,000.
B)an offset against ordinary income of $3,000 and an NSTCL carryforward of $7,000.
C)an offset against ordinary income of $2,800 and an NSTCL carryforward of $7,200.
D)an offset against ordinary income of $3,000 and an NSTCL carryforward of $7,200.
E)an offset against ordinary income of $3,000 and an NSTCL carryforward of $4,200.

Question

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The Answer of In the current year, Norris, an individual, has $50,000 of ordinary income, a net short-term capital loss (NSTCL)of $10,000, and a net long-term capital gain (NLTCG)of $2,800. From his capital gains and losses, Norris reports:
A)an offset against ordinary income of $10,000.
B)an offset against ordinary income of $3,000 and an NSTCL carryforward of $7,000.
C)an offset against ordinary income of $2,800 and an NSTCL carryforward of $7,200.
D)an offset against ordinary income of $3,000 and an NSTCL carryforward of $7,200.
E)an offset against ordinary income of $3,000 and an NSTCL carryforward of $4,200.

In the Current Year, Norris, an Individual, Has $50,000 of Ordinary