Ellie Has the Following Capital Gains and Losses and Qualified

Multiple Choice

Ellie has the following capital gains and losses and qualified dividend income during the current year:
?
$\begin{array}{lr}\text { Short-term capital loss } & \$(10,000) \\\text { Collectibles loss } & (4,000) \\\text { Long-term capital gain } & 5,000 \\\text { Qualified dividend income } & 10,000\end{array}$

The effect of the above on the current year's taxable income 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.