Calculate The Amount Of Net Short Term Capital Gain 542122

Consider the four independent situations below for an unmarried individual, and analyze the effects of the capital gains and losses on the individual’s AGI.

                                                               Situation 1 Situation 2 Situation 3 Situation 4
AGI (excluding property transactions)      $40,000    $50,000      $60,000     $70,000
Short-term capital gains (STCG)                  6,000       2,000          5,000          6,000
Short-term capital losses (STCL)                 2,000        5,000          4,000         15,000
Long-term capital gains (LTCG)                  3,500       15,000       10,000          9,000
Long-term capital losses (LTCL)                  2,500         4,000        12,000         4,000

Required:

a. Calculate the amount of net short-term capital gain (NSTCG) or net short-term capital loss (NSTCL).

b. Calculate the amount of net long-term capital gain (NLTCG) or net long-term capital loss (NLTCL).

c. Calculate AGI after considering the capital gains and losses.

d. Identify if in any of the four situations there is a loss carryforward.