Stuart has a short-term capital loss, a collectible long-term capital gain, and a long-term capital gain from land held as investment.The short-term loss is first applied to the collectible capital gain.

Question

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According to the IRS, short-term capital losses are first applied to collectible long-term capital gains, and then to other long-term capital gains.

Stuart Has a Short-Term Capital Loss, a Collectible Long-Term Capital