An Individual Taxpayer Has the Gains and Losses Shown Below

Essay

An individual taxpayer has the gains and losses shown below. There are $3,000 of § 1231 lookback losses. What is the net long-term capital gain?
$\begin{array}{llr} \text { Holding Period/Property}&\text { Character of Gain or Loss}&\text { Amount}\\5 \text { years/vacant land } & \S 1231 \text { gain } & \$ 7,000 \\2 \text { years/business equipment } & \S 1245 \text { gain } & 3,200 \\3 \text { years/publicly traded stock } & \text { Long-term capital gain } & 890 \\8 \text { months/publicly traded stock } & \text { Short-term capital loss } & (1,870)\end{array}$