Benjamin has the following capital gains and losses for the current year:
What is Benjamin's net capital gain or loss for the year?

A)Net long-term capital loss of $7,000.
B)Net short-term capital gain of $2,000.
C)Net long-term capital loss of $5,000.
D)Net short-term capital gain of $1,000.
E)Net long-term capital loss of $3,000.

Question

Benjamin has the following capital gains and losses for the current year:
What is Benjamin's net capital gain or loss for the year?

A)Net long-term capital loss of $7,000. 
B)Net short-term capital gain of $2,000. 
C)Net long-term capital loss of $5,000. 
D)Net short-term capital gain of $1,000. 
E)Net long-term capital loss of $3,000.

Quizplus · Accepted Answer

As per the given data, Benjamin has a long-term capital gain of $3,000 and a long-term capital loss of $8,000. Therefore, the net long-term capital loss is $5,000. There is no information given about short-term capital gains or losses, so we cannot calculate the net short-term capital gain or loss. Hence, the best choice is C - net long-term capital loss of $5,000.

Benjamin Has the Following Capital Gains and Losses for the Current