Corporation A B C D 2016 $ $ 5,050 $ 7,860 $ 0 2017 2018 $ 9,150 $ 0 $ $ Reported capital gains LA 2019 $ 5,960 $ SA $ 0 $ 0 $ $ 0 $ 0 $ 2020 $ 3,600 $ LA $ $ 2021 SA $ $ $ $ $ $ 0 $ 0 $ SA Carried forward capital losses 2022 5,050X 7,860X

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into
account any applicable carrybacks) and the capital loss carryforward to 2022, if any.
Corporation 2016
A
$ 4,450
5,050
7,860
(55,490)
B
C
D
Corporation
A
B
C
D
2016
Assume that 2016 is the first year of operation for each corporation.
Note: Do not leave cells blank, enter "0" if there is no effect.
$
$
5,050
$
7,860
$
Capital gain or loss for year indicated
2017
2018
2020
2019
$
5,960
$ 3,600
6,950
(28,000)
2,070
(31,470)
13,600
11,050
0
$
9, 150
3,740
13,750
7,150
X $
$
2017
$
9,150 $
$
> Answer is complete but not entirely correct.
Carried
forward
Reported capital gains
(11,950)
3,570
(3,160)
3,280
2018
C
$
$
2019
$
$
0 $ 0 $
5,960
0
$
$
2020
$
3,600
$
$
0 $
2021
$
0 $
$
$
$
0 $
0 $
$
(1,560)
2,090
12,350
2,710
2021
$
capital
losses
2022
5,050X
7,860X
Transcribed Image Text:For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2022, if any. Corporation 2016 A $ 4,450 5,050 7,860 (55,490) B C D Corporation A B C D 2016 Assume that 2016 is the first year of operation for each corporation. Note: Do not leave cells blank, enter "0" if there is no effect. $ $ 5,050 $ 7,860 $ Capital gain or loss for year indicated 2017 2018 2020 2019 $ 5,960 $ 3,600 6,950 (28,000) 2,070 (31,470) 13,600 11,050 0 $ 9, 150 3,740 13,750 7,150 X $ $ 2017 $ 9,150 $ $ > Answer is complete but not entirely correct. Carried forward Reported capital gains (11,950) 3,570 (3,160) 3,280 2018 C $ $ 2019 $ $ 0 $ 0 $ 5,960 0 $ $ 2020 $ 3,600 $ $ 0 $ 2021 $ 0 $ $ $ $ 0 $ 0 $ $ (1,560) 2,090 12,350 2,710 2021 $ capital losses 2022 5,050X 7,860X
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