In 2016, Rosalva sold stock considered short-term for a gain of $875 and stock considered long-term for a loss of $3,400. She also had a $3,000 short-term loss carryover from 2015 and a $1,240 long-term loss carryover from 2014.
a. What amount will be shown as a short-term gain (loss) for 2016?
b. What amount will be shown as a long-term gain (loss) for 2016?
c. How much of the loss is deductible in 2016?
d. What is the amount of long-term carryover to 2017?