Question: QUESTION 5 In 2 0 2 3 , Michael had earned income of $ 4 0 , 0 0 0 , gains of $ 5

QUESTION 5
In 2023, Michael had earned income of $40,000, gains of $5,000 from stock transactions, and an $8,000 loss from the sale of his boat. How much could he write off in capital losses?
a. $8,000
b. $0
c. $3,000
d. $5,000
e. $40,000
QUESTION 5 In 2023, Michael had earned income of $40,000, gains

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