An Individual Taxpayer Has the Following Gains and Losses

question 8

Essay

An individual taxpayer has the following gains and losses. There is $3,000 of § 1231 lookback losses. What is the net long-term capital gain? $\begin{array}{llr}\text { Holding Period/Property } & \begin{array}{l}\text { Character of Gain or } \\\text { Loss }\end{array} & \text { Amount } \\\text { 5 years/vacant land } & \S 1231 \text { gain } & \$ 7,000 \\\text { 2 years/business equipment } & \S 1245 \text { gain } & 3,200 \\\text { 3 years/publicly traded stock } & \text { Long-term capital gain } & 890 \\\text { 8 months/publicly traded stock } & \text { Short-term capital loss } & (1,870)\end{array}$

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