Taxpayer B Has the Following Gains and Losses from Property

Essay

Taxpayer B has the following gains and losses from property transactions. What is the effect on the taxpayer's taxable income if Taxpayer B is (a) a corporation; (b) an individual?
Long-term capital gain $4,000
Long-term capital loss 7,000
Section 1231 gain 10,000
Section 1231 loss 6,000
Short-term capital gain 3,000
Short-term capital loss 6,000