William has the following capital gains and losses for the current year:
$\begin{array}{lr}
\text { Short-term capital gain } & \$ 10,000 \
\text { Short-term capital loss } & (3,000) \
\text { Long-term capital gain } & 5,000
\end{array}$
What is William's net capital gain or loss position for the year?
A)Short-term capital gain $7,000; Long-term capital gain $5,000.
B)Short-term capital gain $10,000; Long-term capital gain $2,000.
C)Short-term capital gain $7,000; Long-term capital gain $2,000.
D)Short-term capital gain $10,000; Long-term capital gain $5,000

Question

Quizplus · Accepted Answer

William's short-term capital gain is $10,000 - $3,000 = $7,000. His long-term capital gain remains $5,000.

William Has the Following Capital Gains and Losses for the Current