If an Indivdual Taxpayer's Net Long-Term Capital Losses Exceed the Net

question 67

True/False

If an indivdual taxpayer's net long-term capital losses exceed the net short-term capital gains,the excess may be offset against ordinary income up to $3,000 per year.Any excess losses over $3,000 may be carried back three years and carried forward five years.

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Definitions:

Tipper

An insider who gives inside information to someone.

Tippee

An individual who receives confidential information from an insider.

Publicly Traded

Refers to a company whose shares are available for purchase by the general public on a stock exchange.

Confidential Information

Data or information of a private nature, the disclosure of which to unauthorized individuals can be harmful to an individual, group, or organization.