During the Year Wilbur Has the Following Capital Gains and Losses

question 22

Essay

During the year Wilbur has the following capital gains and losses:
$\begin{array}{lc} \text { Short-term capital gains } &\$ 4,500 \\ \text { Short-term capital losses } &(6,000) \\ \text { Long-term capital gains } &4,200 \\ \text {Long-term capital losses } &(7,500)\end{array}$
What is the effect of the capital gains and losses on Wilbur's taxable income?

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