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What is the character of gain or loss on the short sale

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Question 1 - On June 19, Year 1, an individual executed a short sale of 100 shares of stock at $10 per share. On June 19, Year 2, the individual covered and delivered the 100 shares at $8 per share. What is the character of gain or loss on the short sale?

Question 2 - In year 7, MMI Corporation incurred net capital losses that amounted to $15,000. During the period from year 1, its year of inception, through year 6, MMI had net capital gains of $1,000 each year. How much capital loss may MMI carry forward to year 8?

Reference no: EM132890875

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