In 2010,Jenny Had a $12,000 Net Short-Term Capital Loss and Deducted

question 40

Multiple Choice

In 2010,Jenny had a $12,000 net short-term capital loss and deducted $3,000 as a capital loss deduction.In 2011,Jenny has a $16,000 0%/15% long-term capital gain and no other capital gain or loss transactions.Which of the statements below is correct?

• A) Jenny has a 2011 $18,000 net capital gain.
• B) Jenny has a 2011 $7,000 net capital gain.
• C) Jenny has a 2011 $7,000 net capital loss.
• D) Jenny has a 2011 $3,000 capital loss deduction.
• E) Jenny has a 2011 $7,000 capital loss deduction.

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