Business, 06.04.2021 01:00 tgentryb60

In the current year, a taxpayer Norris has $50,000 of ordinary income, a net short term capital loss (NSTCL) of $10,000 and a net long term capital gain (NLTCG) of $2,800. From his capital gains and losses, Norris reports: A. An offset against ordinary income of $3,000 and a NSTCL carryforward of $7,000 B. An offset against ordinary income of $2,800 and a NSTCL carryforward of $7,200 C. An offset against ordinary income of $3,000 and a NSTCL carryforward of $7,200 D. An offset against ordinary income of $3,000 and a NSTCL carryforward of $4,200 E. None of these.

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In the current year, a taxpayer Norris has $50,000 of ordinary income, a net short term capital loss...