Exercise 8-5 (Algorithmic) (LO. 4)

Elliott has the following capital gain and loss transactions for the current year.

a.	Short-term capital gain	$7,000
b.	Short-term capital loss	(16,800)
c.	Long-term capital gain (28%)	56,000
d.	Long-term capital gain (25%)	22,400
e.	Long-term capital gain (15%)	28,000
f.	Long-term capital loss (28%)	(22,400)
g.	Long-term capital loss (15%)	(42,000)

After the capital gain and loss netting process, what is the amount and character of Elliotts gain or loss? Elliott has an overall of $.