During the current year, Nancy had the following transactions:Short-term capital loss($1,800)Short-term capital gain3,600 Short-term capital loss carryover from last year( 2,200)Long-term capital gain7,000 Long-term capital loss(15,000)What is the amount of her capital loss deduction for the current year, and what is the amount and character of her capital loss carryover?
A.
| Deduction | Carryover |
| $4,000 | $400 short-term and $5,000 long-term |
B.
| Deduction | Carryover |
| $12,100 | $ 0 |
C.
| Deduction | Carryover |
| $3,000 | $5,400 LTCL carryover |
D.
| Deduction | Carryover |
| $3,000 | $5,000 long-term |
Answer: C
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