Medinah Minerals (MDMN)

[ChinaWorx]

MDMN tax question:

If I have 10k in capital gains in WXYZ stock for 2011...

...and 10k in capital losses in MDMN stock for 2011...

...does the entire 10k loss offset the entire 10k gain for 2011, causing me to owe no taxes?

Or only up to 3K? And does it offset for both short term (30%) and long term (15%) capital gains/losses, and must it be a long/long or short/short match up?

Thanks in advance

Jeff