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Well RooCat what I really wanted to know is if I am right in assuming that I can subtract the long term gain from the short term loss & declare a loss of $1676
Short loss 71796 vs long gain 70120.

Yes, that is why I suggested you read the Tax Strategies FAQ about netting of capital gains. First, you net short term losses and gains, then you net long term losses and gains, then you effectively net the final results. Since you do not exceed the $3000 mark, your short term loss of $1676 will be deductible in the year of the loss.
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