Question

Elaine Case (single with no dependents) has the following transactions in 2014:
AGI (exclusive of capital gains and losses) ....... $240,000
Long-term capital gain ............... 22,000
Long-term capital loss ............... (8,000)
Short-term capital gain .............. 19,000
Short-term capital loss ............... (23,000)
What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 39.6% bracket. Elaine's address is 300 Ireland Avenue, Shepherdstown, WV 25443.


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  • CreatedMay 25, 2015
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