Which of the following statements is false regarding capital gains and losses?

A. The totals for short-term capital gains and losses and the totals for long-term gains and losses must be figured separately

B. If the total of the taxpayer’s capital gains is more than the total of his or her capital losses, the excess is taxable

C. When a taxpayer carries over any capital loss, its character will be long-term

D. The yearly limit on the amount of the capital loss a taxpayer can deduct in excess of capital gains is $3,000 ($1,500 if he or she is married filing separately)

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Answer C When a taxpayer carries over any capital loss its character will b... View the full answer