Morgan has the following capital gains and losses for the current tax year:
Short-term capital gains$12,000
Long-term capital gains3,000
Short-term capital losses(7,000)
Long-term capital losses(6,000)
?
What is Morgan's net capital gain or loss position for the year?
A. $5,000 net short-term capital gain
B. $2,000 net long-term capital loss
C. $2,000 net short-term capital gain
D. $3,000 net long-term capital loss
E. $4,000 net short-term capital loss
Answer: C
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