Question - During the year, Irv had the following transactions:
Long-term loss on the sale of business use equipment 7,000
Long-term loss on the sale of personal use camper 6,000
Long-term gain on the sale of personal use boat 3,000
Short-term loss on the sale of stock investment 4,000
Long-term loss on the sale of land investment 5,000
How are these transactions handled for income tax purposes?
Please add explanation for the answer.