Taxpayer B Has the Following Gains and Losses from Property

question 4

Essay

Taxpayer B has the following gains and losses from property transactions. What is the effect on the taxpayer's taxable income if Taxpayer B is (a) a corporation; (b) an individual?
Long-term capital gain $6,000
Long-term capital loss 20,000
Section 1231 gain 8,000
Section 1231 loss 5,000
Short-term capital gain 23,000
Short-term capital loss 6,000

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