Short Answer
Mikeala has taxable income of $73,240,without consideration of capital gain or loss transactions.Mikeala has a short-term capital gain of $11,000,a short-term capital gain of 3,000,and a long-term capital loss of $4,000.
a.What is the net capital gain(loss)included in taxable income?
b.Is it short-term or long-term in nature?
c.What is the amount and nature of any carryover?
d.Assuming none of the gains or losses is from collectibles or unrecaptured Section 1250 property,at what tax rate will the gains or losses be taxed to Mikeala? (Mikeala is in the 33% tax bracket for ordinary income. )
Correct Answer:

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a.$10,000
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