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  3. 6) sherry is a local baker in denver. sherry is in

6) Sherry is a local baker in Denver. Sherry is in the 24% tax bracket....

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Accounting

6) Sherry is a local baker in Denver. Sherry is in the 24% tax bracket. In 2019, she has the following capital gains and losses:
Short-term Capital Gains: $7,000
Short-term Capital Loss: ($12,000)
Long-term Capital Gain: $6,000
Long-term Capital Loss: ($10,000)
a) What is Sherrys Net Short-term Loss?
- It is -$5,000
b) What is Sherrys Net Long-term Capital Loss?
- It is -$4,000
c) What will Sherrys Net Capital Loss amount be? How much may she deduct for capital losses? Is this deductible above-the-line or below-the-line?d) What may Sherry do with the unallowed portion of her capital losses?

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