During the Year Wilbur Has the Following Capital Gains and Losses

question 113

Essay

During the year Wilbur has the following capital gains and losses:
$\begin{array}{lr}\text { Short-term capital gains } & \$ 4,500 \\\text { Short-term capital losses } & (6,000) \\\text { Long-term capital gains } & 4,200 \\\text { Long-term capital losses } & (7,500)\end{array}$
What is the effect of the capital gains and losses on Wilbur's taxable income?

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Definitions:

Pounds

A unit of weight commonly used in the United States, equal to 0.453592 kilograms.

Kg

A unit of mass equal to 1,000 grams or approximately 2.20462 pounds, used in the metric system.

Tid Pc

A medical abbreviation meaning three times a day after meals.