Question: In 2012, Michael has net short-term capital losses of $2,000, a net long-term capital loss of $45,000, and other ordinary taxable income of $45,000. a.

In 2012, Michael has net short-term capital losses of $2,000, a net long-term capital loss of $45,000, and other ordinary taxable income of $45,000.
a. Calculate the amount of Michael's deduction for capital losses for 2012. $___________
b. Calculate the amount and nature of his capital loss carry forward. $__________
c. For how long may Michael carry forward the unused loss?___________

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