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The company I work for was bought and so I now have both short term and long term capital gains on stock that I owned in the company. I may want to book some losses on other stock that I own to offset some of the gains. Can someone tell me or is there a publication that explains how the losses would offset gains? I assume that long term losses first offset long term gains and short term losses offset short term gains, but can long term losses that are in excess of LT gains offset ST gains?

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