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?
$\begin{array}{llr}\text { Holding Period/Property }&\text { Character of Gain or Loss }&\text { Amount }\
5 \text { years/vacant land } & \S 1231 \text { gain } & \$ 7,000 \
2 \text { years/business equipment } & \S 1245 \text { gain } & 3,200 \
3 \text { years/publicly traded stock } & \text { Long-term capital gain } & 890 \
8 \text { months/publicly traded stock } & \text { Short-term capital loss } & (1,870)
\end{array}$

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?
 $\begin{array}{llr}\text { Holding Period/Property }&\text { Character of Gain or Loss }&\text { Amount }\
5 \text { years/vacant land } & \S 1231 \text { gain } & \$ 7,000 \
2 \text { years/business equipment } & \S 1245 \text { gain } & 3,200 \
3 \text { years/publicly traded stock } & \text { Long-term capital gain } & 890 \
8 \text { months/publicly traded stock } & \text { Short-term capital loss } & (1,870)
\end{array}$

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?
 $\begin{array}{llr}\text { Holding Period/Property }&\text { Character of Gain or Loss }&\text { Amount }\
5 \text { years/vacant land } & \S 1231 \text { gain } & \$ 7,000 \
2 \text { years/business equipment } & \S 1245 \text { gain } & 3,200 \
3 \text { years/publicly traded stock } & \text { Long-term capital gain } & 890 \
8 \text { months/publicly traded stock } & \text { Short-term capital loss } & (1,870)
\end{array}$

An Individual Taxpayer Has the Gains and Losses Shown Below