During the Year Wilbur Has the Following Capital Gains and Losses

Essay

During the year Wilbur has the following capital gains and losses:
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$$\begin{array} { l c } \text { Short-term capital gains } & \$ 4,500 \\\text { Short-term capital losses } & ( 6,000 ) \\\text { Long-term capital gains } & 4,200 \\\text { Long-term capital losses } & ( 7,500 )\end{array}$$
What is the effect of the capital gains and losses on Wilbur's taxable income?