Seamus Had $16,000 of Net Short-Term Capital Loss in 2011

question 106

Multiple Choice

Seamus had $16,000 of net short-term capital loss in 2011. In 2012, Seamus has $17,000 of long-term capital loss and $26,000 of long-term capital gain. Which of the following statements is correct?

• A)Seamus had a $13,000 short-term capital loss carryover to 2012.
• B)Seamus has an $9,000 2012 net long-term capital gain.
• C)Seamus has a $4,000 2012 net short-term capital loss.
• D)a.and c.
• E)None of the above.

---

Definitions:

Bushel

A unit of volume that is used in the United States for measuring agricultural commodities, such as grains.

Bananas

A type of fruit that is elongated and curved, with soft flesh rich in starch and covered with a rind, which may be green, yellow, red, purple, or brown when ripe.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

Specialization

The practice of focusing on a narrow area of work or study to gain efficiency or expertise.