To better understand the rules for offsetting capital losses

To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2007 through 2010. No capital loss carryforwards are included in the figures. Required:For each year, determine AGI ad the capital losses to be carried forward to later tax year.Solution2010201120122013AGI (excluding property transactions) $  40,000 $  50,000 $  60,000 $  70,000Short-term capital gains (STCG)  4,000  5,000  7,000  10,000Short-term capital losses (STCL)  9,000  3,000  5,000  12,000Long-term capital gains (LTCG)  6,000  10,000  2,200  6,000Long-term capital losses (LTCL)  5,000  21,000  1,000  9,500AGI (included in property transactions)STCL to be carried forward  –   –   – LTCL to be carried forward  – Reconciliation: NSTCG (NSTCL)Carryforward from prior yearAdjusted carryforward amount NLTCG (NLTCL)Carryforward from prior yearAdjusted carryforward amountCapital loss recorded on tax returnHere is the document filetaxes123.xlsx