An Individual Taxpayer Has the Following Gains and Losses

Essay

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