An Individual Taxpayer Has the Gains and Losses Shown Below

question 11

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?
$\begin{array}{llr}\text { Holding Period/Property }&\text { Character of Gain or Loss }&\text { Amount }\\5 \text { years/vacant land } & \S 1231 \text { gain } & \$ 7,000 \\2 \text { years/business equipment } & \S 1245 \text { gain } & 3,200 \\3 \text { years/publicly traded stock } & \text { Long-term capital gain } & 890 \\8 \text { months/publicly traded stock } & \text { Short-term capital loss } & (1,870)\end{array}$

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Definitions:

Pronominal Reversal

The incorrect use of pronouns, often observed in the language development of children or in certain language disorders.

Refrigerator Parents

A discredited theory that cold, unloving, or neglectful parenting styles were responsible for autism spectrum disorders.

Emotionally Distant

A state or condition in which an individual is emotionally unresponsive or detached from others, often as a defense mechanism or due to psychological distress.

Perseveration Of Sameness

A resistance to change and a strict adherence to routines or repetition of specific behaviors, often observed in autism spectrum disorders.