Serenity Has the Following Capital Gains and Losses for the Current

question 71

Multiple Choice

Serenity has the following capital gains and losses for the current year:
?
$$\begin{array} { l c } \text { Short-term capital loss } & \$ ( 8,000 ) \\\text { Long-term capital gain } & 3,000 \\\text { Collectible gain } & 2,000 \\\text { Collectible loss } & ( 4,000 ) \end{array}$$
If Serenity is single and has taxable income from other sources of $75,000, what is the impact of her capital gains and losses on her income tax liability?

• A)$300 decrease.
• B)$450 decrease.
• C)$660 decrease.
• D)$720 decrease.
• E)$840 decrease.

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Definitions:

Jealousy

An emotion characterized by feelings of insecurity, fear, and concern over a relative lack of possessions or safety of one's rights or values, often in reference to a romantic interest.

Envy

A sense of dissatisfaction or envy towards someone else's benefits, achievements, or belongings.

Cohabitating Partners

Cohabitating partners are individuals in a romantic relationship who live together without being legally married, sharing daily life and responsibilities.

Extramarital Sex

Sexual activity that occurs outside of one's marriage, often considered infidelity.