Seamus had $16,000 of net short-term capital loss in 2009.In 2010,Seamus has $15,000 of long-term capital loss and $26,000 of long-term capital gain.Which of the following statements is correct?

Question

Quizplus · Accepted Answer

From 2009, Seamus had a net short-term capital loss of $16,000. In 2010, Seamus had a net long-term capital gain of $26,000 - $15,000 = $11,000. This gain can offset the short-term loss carryover from 2009, leaving a remaining short-term loss of $16,000 - $11,000 = $5,000. So, Seamus has a net short-term capital loss of $5,000 and a net long-term capital gain of $11,000 in 2010, making options a and c true, and hence, the correct answer is D.

Seamus Had $16,000 of Net Short-Term Capital Loss in 2009