During the current tax year, Jamie has a $13,000 short-term capital loss and a $14,000 long-term capital gain, both from the sale of securities. Jamie also has a $10,000 long-term capital gain from the sale of collectibles. Jamie, a single taxpayer, is in the 32% marginal income tax bracket. Record the journal entry.

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Deb it Tax Expense 4240 Shortterm Capital Loss 13000 Credi... View the full answer