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:

Limited Partner

An investor in a partnership who is only liable for the amount of their investment and does not actively manage the business.

Partnership Interest

An ownership share in a partnership, representing a partner's stake in the business's assets and earnings.

Limited Partnership

A form of partnership comprising at least one general partner, who manages the business and is personally liable for partnership debts, and one or more limited partners, who contribute capital and share in profits but are not involved in management and are only liable to the extent of their investment.

Limited Personal Liability

Limited personal liability means that an individual's financial responsibility for business debts or legal claims is restricted, often to the amount they have invested in a company.