Question: Michael and Ruby file a joint Income Tax Return for the current year. During the current year, Michael and Ruby sold a capital asset at

Michael and Ruby file a joint Income Tax Return for the current year. During the current year, Michael and Ruby sold a capital asset at a $150,000 Loss. Michael and Ruby had no Capital Gains during the current year. Michael and Ruby may deduct $6,000 of the Capital Loss against their Ordinary Income for the current year.
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