In 2020, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000,

Question:

In 2020, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000.
a. Calculate the amount of Michael’s deduction for capital losses for 2020. $_____________
b. Calculate the amount and nature of his capital loss carryforward. $_____________
c. For how long may Michael carry forward the unused loss? $______________

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