In 2015, Paul, a Single Taxpayer, Has Taxable Income of $30,000

question 3

Multiple Choice

In 2015, Paul, a single taxpayer, has taxable income of $30,000 exclusive of capital gains and losses. Paul incurred a $1,000 short-term capital loss and a $4,000 long-term capital loss. What is the amount of his long-term capital loss carryover to 2016?

• A)$0
• B)$2,000
• C)$3,000
• D)$5,000
• E)None of the above

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Definitions:

Tympanic Membrane

Also known as the eardrum, it is a thin membrane that vibrates in response to sound waves and is crucial for hearing.

Eardrum

The thin membrane that separates the outer ear from the middle ear and vibrates in response to sound waves, aiding in hearing.

Nerve Hearing Impairment

A type of hearing loss that occurs due to damage to the auditory nerve or the pathways that lead sound from the ear to the brain.

Cochlear Implants

Electronic medical devices that replace the function of the damaged inner ear by providing a sense of sound to a person who is profoundly deaf or severely hard of hearing.