Haneen has a taxable income of $115,000 without consideration of capital gain or loss transactions. She has a short-term capital gain of $18,000, a long-term capital loss of $10,000, and a short-term capital gain of $4,000. Assume no gains or losses are from collectibles or unrecaptured § 1250 property, and Haneen is in the 24% tax bracket.
a. What is the total short-term gain or loss?
b. What is the total long-term gain or loss?
c. What is the carryover amount?
d. Is the gain or loss after netting taxed at the Ordinary or Capital rate?