In 2013, Jenny Had a $12,000 Net Short-Term Capital Loss

question 57

Multiple Choice

In 2013, Jenny had a $12,000 net short-term capital loss and deducted $3,000 as a capital loss deduction. In 2014, Jenny has a $18,000 0%/15%/20% long-term capital gain and no other capital gain or loss transactions. Which of the statements below is correct?

• A) Jenny has a 2014 $18,000 net capital gain.
• B) Jenny has a 2014 $9,000 net capital gain.
• C) Jenny has a 2014 $9,000 net capital loss.
• D) Jenny has a 2014 $3,000 capital loss deduction.
• E) Jenny has a 2014 $9,000 capital loss deduction.

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Definitions:

Zebra Mussel

An invasive aquatic species known for its rapid population growth and significant impact on freshwater ecosystems and human infrastructure.

Sea Lamprey

A parasitic lamprey native to the Atlantic Ocean, known for its detrimental impact on native fish populations in the Great Lakes where it is an invasive species.

Great Lakes

A group of five large, interconnected freshwater lakes in North America, important for water resources and habitat.