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Ellie Has the Following Capital Gains and Losses and Qualified

Question 54

Multiple Choice

Ellie has the following capital gains and losses and qualified dividend income during the current year:

Ellie has the following capital gains and losses and qualified dividend income during the current year: ​   The tax effect of the above is: A) Long-term gain $3,000;short-term capital loss $10,000, B) Long-term capital gain $7,000;short-term capital loss $14,000. C) Collectibles loss $1,000;net short-term capital loss $5,000;qualified dividend income $10,000. D) Net short-term capital loss $9,000;qualified dividend income $10,000. E) Net capital loss $3,000,qualified dividend income $10,000.
The tax effect of the above is:


A) Long-term gain $3,000;short-term capital loss $10,000,
B) Long-term capital gain $7,000;short-term capital loss $14,000.
C) Collectibles loss $1,000;net short-term capital loss $5,000;qualified dividend income $10,000.
D) Net short-term capital loss $9,000;qualified dividend income $10,000.
E) Net capital loss $3,000,qualified dividend income $10,000.

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