The Chart Below Details Sheen's 2015, 2016, and 2017 Stock

question 59

Essay

The chart below details Sheen's 2015, 2016, and 2017 stock transactions.What is the capital loss carryover to 2017 and what is the net capital gain or loss for 2017? $$\begin{array} { r r r r r } \text { Tax Year } & \begin{array} { r } \text { Short-term } \\\text { Capital Gains }\end{array} & \begin{array} { r } \text { Short-term } \\\text { Capital Losses }\end{array} & \begin{array} { r } \text { Long-term } \\\text { Capital Gains }\end{array} & \begin{array} { r } \text { Long-term } \\\text { Capital Losses }\end{array} \\2015 & \$ 4,000 & \$ 6,000 & \$ 2,000 & \$ 13,000 \\2016 & \$ 16,000 & \$ 14,000 & \$ 23,000 & \$ 28,000 \\2017 & \$ 55,000 & \$ 52,000 & \$ 67,000 & \$ 33,000\end{array}$$

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Definitions:

Multiple-Step Income Statement

A comprehensive income statement that separates operating revenues and expenses from non-operating ones, providing a detailed view of a company's financial activities.

Single-Step Income Statement

An income statement format that deducts total expenses from total revenues with one calculation, to find the net income.

Operating Income

Profit realized from a business's core operations, excluding deductions of interest and taxes.

Income Tax Rate

The percentage of income that is paid to the government as tax.