Series 7 - General Securities Representative Exam
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Last year, James Quartz realized $100,000 in long term capital gains and $170,000 in long term capital losses. How much of the capital losses would be carried forward to the following year?
$67,000
A
$70,000
B
$35,000
C
$0
D
Explanations
James has 70,000 in net capital losses. $3,000 can be can be written off against earned income in one year. This leaves a $67,000 carryover to the following year