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Elliott has the following capital gain and loss transactions for 2020. a. Short-term capital gain $3,000 b. Short-term capital loss (7,200) c. Long-term capital gain (28%) 24,000 d. Long-term capital gain (25%) 9,600 e. Long-term capital gain (15%) 12,000 f. Long-term capital loss (28%) (9,600) g. Long-term capital loss (15%) (18,000) After the capital gain and loss netting process, what is the amount and character of Elliott's gain or loss

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Answer: $13800

Explanation:

Based on the information to given in the question, the net gain or loss will be calculated as:

Long term capital gain (28%) = $24000

Add: Long term capital gain (25%) = $9,600

Add: Long term capital gain (15%) = $12,000

Add: Short term capital gain = $3,000

Total Capital gains = $48,600

Long term capital loss = ($9,600)

Long term capital loss (15%) = ($18,000)

Short term capital loss = ($7,200)

Total capital loss = ($34,800)

Then, the gain will be:

= $48600 - $34800

= $13800

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