Near the end of 2020, Byron realizes that he has a net short-term capital loss of $13,000 for the year. Byron has taxable income (not including the loss) of $123,000 and is single. He owns numerous stocks that could be sold for a long-term capital gain. What should he do before the end of 2020

Byron should sell stock at gain of ($13,000 - $3,000) $10,000

Explanation:

Given:

Net short-term capital loss = $13,000

Taxable income = $123,000

Computation:

Byron is single and Byron can be deduct $3,000 as capital loss.

Byron should sell stock at gain of ($13,000 - $3,000) $10,000

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