Samantha has the following capital gains and losses during the current year:
Short-term capital loss . $ 7,000
Short-term capital gain .. 5,000
Collectibles loss …. 11,000
Long-term capital gain … 8,000
Long-term capital loss … 4,000
Samantha is married and has a taxable income of $119,000 before considering the effect of her capital gains and losses. What is the effect of Samantha’s capital gains and losses on her taxable income and her income tax liability?