Problem 16-39 (LO. 5) Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss $540,000 22,000 (8,000) 19,000 (23,000) a. What is Elaine's net capital gain or loss? Elaine has a net long-term capital gain result, she has an overall net capital gain and a net short-term capital gain of $L of $ of $ . As a March 17, 2020 Ms. Elaine Case 300 Ireland Avenue Shepherdstown, WV 25443 Dear Ms. Case: The purpose of this letter is to discuss the result of your stock transactions for 2019. You had net of capital gains and s capital losses. Subtracting the of losses from the s results in a su capital gain. net The $ net capital gain and the details of your stock transactions reported on the Schedule D attached to your Form 1040. The $ net capital for the alternative tax on capital gains and will be taxed at al marginal tax rate of 37%. % rate rather than at your Thank you for the opportunity to be of service. Please call me if you have additional questions