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Whether the receivable was a capital asset and whether its holding period was long or short-term are not relevant because the Code defines the loss as a short-term capital loss. ... The tax on the long-term capital gains of $18,000 ($5,000 + $13,000) is $2,700 ($18,000 X .15). The total tax on taxable income is $13,425 ($10,725 + $2,700). pp ... ................
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