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Capital Gains and Losses (LO. 4)

Rollie has the following capital gains and losses during the current year:

Short-term capital gain	$3,000
Collectibles gain	4,000
Long-term capital gain	11,000
Long-term capital loss	6,000

Assume Rollie's marginal tax rate is 24%.

Rollie is married and has a taxable income of $175,000 before considering the effect of his capital gains and losses.

Refer to Table 11-1 and the Tax Rate Schedules to answer the following questions.

What is the effect of Rollie's capital gains and losses on his taxable income and his income tax liability?

Rollie has a $ short-term capital and a $ long-term capital . This results in his taxable income to $.

Rollie's income tax liability by $.