Problem:

Sharon has the following results of netting her short-term and long-term capital gains and losses for 2014: $56,000 short-term capital loss, and $82,000 net long-term capital gain ($21,000 0%/15%/20% long-term capital gain, and $61,000 25% long-term capital gain).

Required:

Question 1: What is her net capital gain or loss for 2014?

Question 2: If there is a net capital loss, how much of the loss and what type of loss carries over to 2015?

Question 3: If there is a net long-term capital gain, what is it made up of?

Note: Please show the work not just the answer.