Given Below Are Mario's Capital Gains and Losses for Two

question 99

Short Answer

Given below are Mario's capital gains and losses for two consecutive years.What is the effect of the capital gains and losses on Mario's taxable income for each year?
$$\begin{array} { l r c } & \begin{array} { c } \text { First } \\\underline { \text { Year }}\end{array} & \begin{array} { r } \text { Second } \\\underline { \text { Year }}\end{array} \\\text { Short-term capital gain } & \$ 12,000 & \$ - 0 - \\\text { Long-term capital gain } & 11,000 & 16,000 \\\text { Short-term capital loss } & ( 9,000 ) & ( 2,000 ) \\\text { Long-term capital loss } & ( 23,000 ) & ( 5,000 )\end{array}$$
$\quad { \text { First } }\quad { \text { Second} }$
$\quad \underline{ \text { Year } }\quad \underline{ \text { Year } }$
a. ${ \$ ( 9,000 ) } \quad { \$ 9,000 }$
b. $\$ 3,000 \quad \$ 1,000$
c. $\$ ( 3,000 ) \quad \$ 3,000$
d. $\$ ( 3,000 ) \quad \$ ( 3,000 )$
e. $\$ ( 3,000 ) \quad \$ - 0 -$

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Definitions:

Fraternal Twin

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Genetic Factors

Components found in the genetic material of an organism that affect characteristics, actions, and the likelihood of developing specific diseases or conditions.

Schizophrenia

A serious mental disorder in which people interpret reality abnormally, often experiencing a combination of hallucinations, delusions, and extremely disordered thinking and behavior.

Negative Symptoms

In the context of mental health, symptoms that represent a reduction or absence of normal behaviors, thoughts, or emotions, often found in schizophrenia.