Demetrius Had a $4,000 Short-Term Loss and a $3,000 Long-Term

question 73

Multiple Choice

Demetrius had a $4,000 short-term loss and a $3,000 long-term gain from a collectible,a $2,000 gain from Section 1250 unrecaptured property.What is the netting effect of these gains and losses on his 1040?

• A)$4,000 short-term loss is offset against the $3,000 collectible first,then the remaining $1,000 against the Section 1250 property,with a $1,000 gain taxed at 25%.
• B)The $4,000 short-term loss is allowed to be taken in total as an ordinary loss,and the net long-term gain of $5,000 is added to his 1040 and taxed at 0%,15%,or 20% depending on his regular tax bracket.
• C)$2,000 short-term loss is offset against the Section 1250 property first,then the remaining $2,000 against the collectible gain leaving $1,000 taxed at 28%.
• D)As each of these gains and losses are taxed at different rates,there is no netting of short-term and long-term gains or losses.

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Definitions:

Integration

The process of combining or coordinating separate elements or groups into a unified whole, often seen in businesses and technology systems.

Bottom of the Pyramid

A socioeconomic concept that refers to the largest, but poorest group of people in the global population, who live on less than $2.50 a day.

Impoverished Populations

Communities that suffer from a lack of resources and economic instability, often leading to poor living conditions.

Goods and Services

The two primary categories of offerings in the economy; goods are tangible items, while services are activities or benefits offered for consumption.