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?
Holding Period/Property
Character of Gain or Loss
Amount
5 years/vacant land
§ 1231 gain
$7,000
2 years/business equipment
§ 1245 gain
3,200
3 years/publicly traded stock
Long-term capital gain
890
8 months/publicly traded stock
Short-term capital loss
(1,870)