Abbey Has the Following Gains and Losses from Property Transactions

question 44

Essay

Abbey has the following gains and losses from property transactions. What is the effect on taxable income if Abbey is (a) a corporation; (b) an individual?
Long-term capital gain $2,000
Long-term capital loss 12,000
Section 1231 gain 20,000
Section 1231 loss 15,000
Short-term capital gain 3,000
Short-term capital loss 2,000

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Definitions:

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