An Individual Taxpayer Has the Gains and Losses Shown Below

question 14

Essay

An individual taxpayer has the gains and losses shown below.There are $3,000 of § 1231 lookback losses.What is the net long-term capital gain?
Holding Period/Property
Character of Gain or Loss
Amount
5 years/vacant land
§ 1231 gain
$7,000
2 years/business equipment
§ 1245 gain
3,200
3 years/publicly traded stock
Long-term capital gain
890
8 months/publicly traded stock
Short-term capital loss
(1,870)

---

Definitions:

Socio-ecological Framework

A comprehensive approach that examines how social and ecological factors interact to influence patterns of behavior, distribution, and abundance of species.

Monogamy

A mating system where an individual has only one partner during a mating season or for a significant period of their life.

Resources

The natural or artificial materials, assets, and conditions available to individuals or populations for growth, survival, and reproduction.

Socio-ecological Framework

An approach for understanding the dynamic interrelations among individuals, societies, and environmental systems.