Question: in the current year assets Estes has net short term capital losses of 3,000, a net long-term capital loss of 45,000, and taxable income from

in the current year assets Estes has net short term capital losses of 3,000, a net long-term capital loss of 45,000, and taxable income from wages of 35,000

a) Calculate the amount of Estes deduction for capital losses for the current year.

b) Calculate the amount and nature (short-term or long-term) of his capital loss carryforward.

c) For how many years may Estes carry the unused loss forward?

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