Allen has the following capital gains and losses and qualified dividend income during the current year:
Short-term capital gain$4,000
Collectibles loss(5,000)
Long-term capital gain 1,000
Qualified dividend income3,000
Allen's capital gain/loss position for the year is:
A. a long-term gain of $1,000; a short-term capital gain of $2,000.
B. a net short-term capital gain of $1,000.
C. a short-term capital gain of $4,000; a long-term capital loss of $1,000.
D. a net short-term capital gain of $3,000.
E. a net capital gain of $-0-.
Answer: E
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