Sandy Has the Following Results of Netting Her Short-Term and Long-Term

question 9

Essay

Sandy has the following results of netting her short-term and long-term capital gains and losses for 2012: $48,000 short-term capital loss, $22,000 net long-term capital gain ($21,000 0%/15% long-term capital gain, and $1,000 28% long-term capital gain).What is her net capital gain or loss for 2012 and, if there is a net capital loss, how much of the loss and what type of loss carries over to 2013?

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Definitions:

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations, including all great powers, organized into two opposing military alliances: the Allies and the Axis.

Eric Foner

A prominent American historian, recognized for his scholarly contributions to the understanding of American history, particularly the Civil War and Reconstruction periods.

Ethnic Minorities

Refers to groups within a larger society that have distinct cultural, linguistic, religious, or racial characteristics, which differ from the majority population.

Asian-Americans

A diverse group of Americans of Asian descent, who trace their roots to various countries in Asia.