Benjamin has the following capital gains and losses for the current year:
What is Benjamin's net capital gain or loss for the year?
$\begin{array}{lr}
\text { Long-term capital loss } & \$(13,000) \
\text { Long-term capital gain } & 6,000 \
\text { Short-term capital loss } & (10,000) \
\text { Short-term capital gain } & 12,000
\end{array}$

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?
$\begin{array}{lr}
\text { Long-term capital loss } & \$(13,000) \
\text { Long-term capital gain } & 6,000 \
\text { Short-term capital loss } & (10,000) \
\text { Short-term capital gain } & 12,000
\end{array}$

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

Long-term capital gains and losses are reported separately from short-term gains and losses. Benjamin has a long-term gain of $5,000 and a long-term loss of $8,000, resulting in a net long-term capital loss of $3,000. Since there is no information given about short-term gains or losses, we cannot determine the answer to option B or D. Option A is incorrect as it only includes long-term losses and excludes Benjamin's long-term gain.

Benjamin Has the Following Capital Gains and Losses for the Current