John made several stock sales during 2007. Determine the net capital gain or loss for the following transactions:
Date Cost of Purchase Date of Selling Sale Price
1-1-07 $4,000 6-2-07 $6,000
7-6-06 $10,000 7-7-07 $14,000
7-6-06 $20,000 7—6-07 $17,000
4-3-06 $5.000 6-2-07 $4,000
Correct Answer:
$3,000 net long-term capital gain and $1,000 net short-term capital loss.
Explanation:
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