Sandy has the following results of netting her short-term and long-term capital gains and losses for 2011: $38,000 short-term capital loss, $22,000 net long-term capital gain ($21,000 0%/15% long-term capital gain, and $1,000 28% long-term capital gain). What is her net capital gain or loss for 2011 and, if there is a net capital loss, how much of the loss and what type of loss carries over to 2012?

The chart below describes the § 1231 assets sold by the Tan Company (a sole proprietorship) this year. Compute the gain or loss from each asset disposition and determine the net § 1231 gain treated as long-term capital gain for the year. Assume there is a § 1231 look back loss of $14,000.

Asset Acquired Sold Cost Depreciation Sale Price
Stamping machine 3/10/07 8/10/2011 $40,000 $29,736 $ 2,000
Factory building 2/12/04 7/23/2011 80,000 18,838 90,000
Tractor 5/16/06 11/13/2011 52,000 52,000 60,000
Overhead crane 11/12/00 2/25/2011 74,000 74,000 18,000