Apply Capital Gain And Loss Rules Practice Test

In 2025, Daniel Lee (single) has a $2,500 short-term capital gain and a $9,400 long-term capital loss from sales of capital assets. He has no other capital transactions. What is the taxpayer's net capital gain (or loss) for 2025 after applying the netting rules and the annual capital loss limitation?

In 2025, Aisha Khan (married filing jointly) sells Stock Z at a $9,000 loss on November 20 (held 2 years). On December 5, she buys substantially identical Stock Z shares. She has no other capital transactions. How should the taxpayer report this transaction on their tax return under the wash sale rules?