Allen has the following capital gains and losses and Qualified dividend income during the current year:
$\begin{array}{lc}
\text {Short-term capital gain } &\$ 4,000 \
\text {Collectibles loss } &(5,000) \
\text {Long-term capital gain } &1,000 \
\text { Qualified dividend income } &3,000
\end{array}$
Allen's capital gain/loss position for the year is:
A)Long-term gain $1,000; short-term capital gain $2,000.
B)Net short-term capital gain $1,000.
C)Short-term capital gain $4,000; long-term capital loss $1,000
D)Net short-term capital gain $3,000.
E)Net capital gain $-0-

Question

Allen has the following capital gains and losses and Qualified dividend income during the current year:
$\begin{array}{lc}
\text {Short-term capital gain  } &\$ 4,000 \
\text {Collectibles loss  } &(5,000) \
\text {Long-term capital gain  } &1,000 \
\text {   Qualified dividend income } &3,000
\end{array}$
Allen's capital gain/loss position for the year is:
A)Long-term gain $1,000; short-term capital gain $2,000.
B)Net short-term capital gain $1,000.
C)Short-term capital gain $4,000; long-term capital loss $1,000
D)Net short-term capital gain $3,000.
E)Net capital gain $-0-

Quizplus · Accepted Answer

The Answer of Allen has the following capital gains and losses and Qualified dividend income during the current year:
$\begin{array}{lc}
\text {Short-term capital gain  } &\$ 4,000 \
\text {Collectibles loss  } &(5,000) \
\text {Long-term capital gain  } &1,000 \
\text {   Qualified dividend income } &3,000
\end{array}$
Allen's capital gain/loss position for the year is:
A)Long-term gain $1,000; short-term capital gain $2,000.
B)Net short-term capital gain $1,000.
C)Short-term capital gain $4,000; long-term capital loss $1,000
D)Net short-term capital gain $3,000.
E)Net capital gain $-0-

Allen Has the Following Capital Gains and Losses and Qualified