Sheldon Had Salary Income of $40,000

question 1

Multiple Choice

Sheldon had salary income of $40,000.In addition, he had the following gains and losses on his property transactions: Long-term capital gain = $14,000; long-term capital loss = $6,000; short-term capital gain = $4,000; short-term capital loss = $8,000.If Sheldon has no other income items, what is his total income before any deductions for the year?

• A)$44,000
• B)$47,000
• C)$48,000
• D)$52,000

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