Allen Has the Following Capital Gains and Losses and Qualified

Multiple Choice

Allen has the following capital gains and losses and Qualified dividend income during the current year:
Allen's capital gain/loss position for the year is:
$$\begin{array} { l c } \text { Short-term capital gain } & \$ 4,000 \\\text { Collectibles loss } & ( 5,000 ) \\\text { Long-term capital gain } & 1,000 \\\text { Qualified dividend income } & 3,000\end{array}$$

A) Long-term gain $1,000; short-term capital gain $2,000.
B) Net short-term capital gain $1,000.
C) Short-term capital gain $4,000; long-term capital loss $1,000
D) Net short-term capital gain $3,000.
E) Net capital gain $-0-