Johnny's sale of capital assets resulted in the following: Short-term capital gains $15,000 Short-term capital losses $5,000 Long-term capital gains Long-term capital losses $2.000 $7.000

Determine the tax treatment of Johnny's transactions.  Each of the four categories is taxed separately  Short-term capital gains of $10,000; long-term capital losses of $5,000  Net Short-term capital gains of $5,000 O Short-term capital gains of $17,000; long-term capital losses of $12,000

Answer rating: 100% (QA)

1 Shortterm capital gains of 10000 longterm capital losses of 5000 Johnny will report ... View the full answer